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Paper Money

Official Journal of the Society of Paper Money Collectors
VoL. XL VII, No. 6, Whole No. 258 www.spmc.org NovembeVDecember 2008

OUR MEMBERS SPECIALIZE IN

NATIONAL CURRENCY

They also specialize in Large Size Type Notes, Small Size Currency,
Obsolete Currency, Colonial and Continental Currency, Fractionals,
Error Notes, MPC*s, Confederate Currency, Encased Postage,
Stocks and Bonds, Autographs and Documents, World Paper Money . .

and numerous other areas.

THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION

is the leading organization of OVER 100 DEALERS in Currency,

Stocks and Bonds, Fiscal Documents and related paper items.

Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri.
Please visit our Web Site pcdaonline.com for dates and location.

Encourages public awareness and education regarding the hobby of Paper Money Collecting.
Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper
Money Convention, as well as Paper Money classes at the A.N.A. s Summer Seminar series.

Publishes several “How to Collect” booklets regarding currency and related paper items. Availability
of these booklets can be found in the Membership Directory or on our Web Site.

Is a proud supporter of the Society of Paper Money Collectors.

To be assured of knowledgeable, professional, and ethical dealings
when buying or selling currency, look for dealers who
proudly display the PCDA emblem.

The Professional Currency Dealers Association

For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties

of all members, send your request to:

PCDA

Terry Coyle — Secretary
P.O.Box 246 • Lima, PA 19037

( 610 ) 627-1212

Or Visit Our Web Site At: www.pcdaonline.com

Paper Money * November/December • Whole No. 258

401

TERMS AND CONDITIONS
paper money (USPS 00-31 S2) Is published ever/
ether month beginning In Jenuarv by the Society ol
Paper Money Collectors (SPMG}. 92 Andover Road,
Jackson, NJ 00527. Periodical postage is paid at
Dover, OE 19901. Postmaster send address changes
to Secretary Jamie Yakes, P.O. Bok 1203r Jackson, NJ
00537.

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righlE reserved. Reproduction of any article, in whole or
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Paper Money

Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.

Vol, XLVII, No. 6 Whole No. 258 November/December 2008

ISSN 0031-1162

FRED L, REED III, Editor, P.O. Box 793941. Dallas, TX 75379

Visit the SPMC web site: www.spmc.org

Features

The Paper Column: Hometown Laramie. Wyoming Scrip * 403

By Peter Huntoon

The Little Androscoggin Co. ‘'Bank'" of Danville, Maine 410

By Q. David Bowers

The Murdoch Treasury Note Essays ... * * 416

By David Booth

Catharine E. Chadburn, National Bank President 419

By Karl Sanford Kabelac

Fifty Cent Fractional Currency Negative Essay Notes * . * . , 420

By David Booth

Give Tennessee Back Her Notes 422

By Tom Carson

Picturing President Lincoln 432

By Barbara Bither

Redeemed Postal Notes: Great Rarities * . 440

By Charles Surasky

On This Date in Paper Money History 447, 449

By Fred Reed

An Update on $5 Silver Certificate Series of 1934C Narrow Faces 452

By Jamie Yakes

A Satirical Note on the “Ham and Eggs” California Scrip Movement . . . . , 459
By Loren Gatch

Is Paper Money a Hobby or an Investment? 462

By Randall Lewis

Deuces in Outer Space , . . 465

By Richard Jurek

Society News

Information and Officers 402

Important new Aussie reference by Ed & Joanne Dauer .429

Hey Civil War fans, new book details Civil War ID discs 431

New Austrian book covers bank notes since 1900 .451

President's Column 457

By Benny Bolin

Money Mart , .457

Fhcke releases colorful CSA currency “field guide" .461

New Members .-. 464

9th Annual George W, Wait Memorial Prize Official Announcement 476

What’s on Steve's Mind Today? 478

By Steve Whitfield

The Editor’s Notebook 478

402

November/December • Whole No. 258 • Paper Money

Society of Paper

The Society of Paper Money
Co!]eclors was organized in 1961 and
incorporated in 1964 as a non-profit
organization under the laws of the
District of Columbia. It is affiliated
with the ANA. The annual SPMC
meeting is held in June at the Memphis IntematEonai Paper Money Show,
Up-to-date information about the SPMC, including its bylaws and activities
can be found on its web site www.spmc.org. SPMC does not endorse any
company, dealer, or auction house.

MEMBERSHIP— REGULAR and UFE. Applicants must be at least IB years of
age and of good moral character. Members of the ANA or other recognized
numismatic societies are eligible for membership; other applicants should be
sponsored by an SPMC member or provide suitable references.

MEMBERSHIP— JUNIOR. Applicants for Junior membership must be from 12
to 18 years of age and of good moral character. Their application must be

Money Collectors

signed by a parent or guardian. Junior membership numbers will be preced-
ed by the letter “j," which will be removed upon notification to the Secretary
that the member has reached 18 years of age. Junior members are not eligi-
ble to hold office or vote.

DUES— Annua] dues are S30. Members in Canada and Mexico should add S5
to cover postage; members throughout the rest of the world add $10. Life
membership — payable in installments within one year is $600, S700 for
Canada and Mexico, and S600 elsewhere. The Society has dispensed with
issuing annual membership cards, but paid up members may obtain one
from the Secretary for an SASE (self-addressed, stamped envelope}.

Members who join the Society prior to October 1 receive the magazines
already issued in the year in which they join as available. Members who join
after October 1 will have their dues paid through December of the following
year: they also receive, as a bonus, a copy of the magazine issued in
November of the year in which they joined. Dues renewals appear in a fall
issue of Paper Money. Checks should be sent to the Society Secretary. *>

Officers

ELECTED OFFICERS:

PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002
VtCE-PRESIDENT Mark Anderson, 115 Congress St., Brooklyn. NY
11201

SECRETARY Jamie Yakes, P.O. Sox 1203, Jackson, NJ 03527
TREASURER Bob Moon. 104 Chipping Court, Greenwood, SC
29649

BOARD OF GOVERNORS:

Mark Anderson. 115 Congress St., Brooklyn. NY 11201
Benny J. Bolin, 5510 Bolin Rd., Allen. TX 75002
Bob Cochran. P.O. Box 1085, Florissant, MO 63031
Pierre Frioke, Box 52514, Atlanta, GA 30355
Matt Janzen, 3601 Page Drive Apt. 1 , Plover. Wl 54467
Robert J. Kravltz, P.O. Box 6099, Chesterfield, MO 63006
Judith Murphy, P.O. Box 24056. Winston-Saiem, NC 27114
Fred L, Reed III, P.O. Box 793941, Dallas, TX 75379-3941
Neil Shafer, Box 17138, Milwaukee, Wl 53217
Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505
Wendell A. Wolka, P O. Box 1211, Greenwood. IN 46142
Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527

APPOINTEES:

PUBLISHER-EDITOR Fred L. Reed III, P.O, Box 793941, Dallas,
TX 75379-3941

CONTRIBUTING EDITOR Gene Messier, P.O. Box 31144,
Cincinnati, OH 45231

ADVERTISING MANAGER Wendell A. Wolka, P.O. Box 1211,
Greenwood, IN 46142

LEGAL COUNSEL Robert J. Gallette, 3 Teal Ln,, Essex,

CT 06426

LIBRARIAN Jeff Brueggeman, 711 Signal Mountain Rd. # 197,
Chattanooga, TN 37405

MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060,
Carrollton, TX 75011-7060

PAST PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO
63037

WISMER BOOK PROJECT COORDINATOR Bob Cochran. P O.

Box 1085, Florissant, MO 63031

REGIONAL MEETING COORDINATOR Judith Murphy. P.O. Box
24056. Winston-Salem, NC 27114

CSA and Obsolete Notes
CSA Bonds, Stocks &
Financial Items

BUYING AND SELLING

HUGH SHULL

Auction Representation
60-Page Catalog for $5.00
Refandable with Order

SPMC LM 6
BRNA
FUN

ANA-LM

SCNA P.O. Box 2522, Lexington, SC 29071

PCDA CHARTER MBR pH: [8Q3\ 996-3660 FAX: (803)996-4885

Paper Money - November/December - Whole No. 258

403

Homegrown Laramie, Wyoming,
Scrip Helped Relieve Unemployment

7 7 1933, PRESIDENT ROOSEFELT IVAS RECENTLY

electee^ Nft Nfd not t^iken office. The Greiit Depre.'^.'iiofi ivas .s'pir/iliiig out of con-
tra/ tow/inls the h/m/went coI//ipse of the Af/ierkan hanking jnst ttTO months
/np/iy\ Smni/ towns ihross the conntjy were snjfenng, ami tiyhig to fign re out effec-
tive means to help themse/ves and those in their contmmiities, wlm wltc approaching des-

peration.

The Paper Column
By Peter Huntoon

One such place was Laramie, Wyoming;, situated along both U. S.
Highway 30 and the Union Pacific Railroad. It was a town of 8,600 people then,
had stabilit)^ in the form of steady payrolls at the Uni versin' of Wyoming and the
Union PaciOc repair shops, but still unemployment was a serious problem.

The c\w and counn- governments were hiirclened with revenue shortfalls,
and were looking at reducing services, and deterring maintenance.

The mayor was one, Charles H. Friday, .Vnother Friday, J. Edward, was
owner of Friday’s Grocery Store. J. Edward was a vocal force in the Laramie
Boosters Club, and the members of the club were floating the idea of a scrip issue
to relieve unempUnTiient, stimulate business, and cany out public works projects.
The ciw government was listening intently.

The Boosters' proposal reached the Laramie Re paid lean Boojnerang on
January'' 19, 1933- They claimed their scrip concept was already in use in 140
other municipalities across the country, and they contemplated a $20,000
issuance.

The concept was smiight forward, and the costs selLliquidating. The
plan was to have a scrip commission issue scrip, each piece witli a nominal value
of SI in the form of a foldover cover, inside which would be spaces tor 52 two-
cent stamps especially designed by the commission, and printed for that purpose.
The idea would be for local merchants to purchase the stamps, so chat each time a
piece of scrip crossed their counter, they would affix one, cancel it by signing or
scamping it, and pass the scrip on.

In time, the booklet would amass $1.04 worth of stamps. At that time,
the bearer could redeem it for $1 in U. S. currency from the commission. The
extra 4 cents would fund the printing costs incurred by the scrip commission.

The SI scrip booklet would be considered legal tender in the communi-
t\', and would circulate like a dollar bilk Clearly, each time it passed through a
merchant's hands, they were in effect paying a 2 percent tax on the transaction.
They* considered this a nominal fee for the additional stimulus to dieir businesses.

Cooperation of the collective citizenr\^ would be required to make the
idea work. People woiiltl have to be willing to accept the scrip from the mer-

404

November/December • Whole No. 258 • Paper Money

chiints in cKange, and the em]>loyees of die merchants would have to be willing
to accept at least part of their pay in the scrip in order to get it out the door and
into someone else’s till where another stamp would be affixed.

Both the passer and recipient merchant would be involved in seeing to
it diat the necessaiy stamp was affixed to the scrip, and canceled by the mer-
chant.

[rii dally the scrip would be paid to an unemployed individual by either
die city or county government for services rendered on an appropriate public
works project.

The mojiey collected from the sale of the stamps would be held in
escrow for the eventual redempdon of the scrip once the booklets were filled.
Obviously, the success of the program would be measured by how rapidly the
scrip circularetl within the community. The faster it circulated, the greater the
stimulus to die local ecoJiomv-

There were diree winners here. The primaiy^ was the formerly unem-
ployed person who initially received die scrip from the city or county govern-
ment for his services. The local government which paid out die scrip would
have some important public works project to show for the expendimre. And
finally, there was the merchant whose business was augmented by accepdng the
scrip as money.

In effect, the scrip would infiace the total amount of money in town,
and thereby benefit eveiyone.

The scrip itself would circulate as moneys that is, he worth a dollar in
any transaction . However, the real value behind the plan lay in the stamps
which merchants purchased in U. S. currency from die commission, and whose
money was held in escrow to eventually redeem the scrip.

Obviously, die scrip commission would have to sell sufficient numbers
of stamps to cover the outstanding scrip, or the plan would unravel. Only
active, preferably rapid, circulation of the scrip could make the plan \i able.

The idea created quite a bit of excitement in town, and its boosters
talked up the plan with fellow local businessmen and professional people to
determine if they would buy into die concept. A public meeting was scheduled
for February 8th, a Wednesday, to discuss the idea.

The meeting was held “in the community room of the county building,
attended by one of the largest crowds to meet there in many months. Lines of
interested business men and o diets stood on diree sides of die community room
after all seats were occupied” Feb. 9, 1933).

The essence of the plan was ovenvlielniingly received by the crowd.
Some concrete limitations w-ere agreed upon. First, and foremost, city and
county officials and employees could become involved in the issuance of the
scrip, but there would he no tormal legal connecrion between the governments
and the scrip.

Furthermore, the total amount of scrip to be circulated would be limit-
ed to no more than S2,000; but if the plan worked well, increases could be con-
sidered, A petition was to be circulated among the businessmen and profession-
als in town, which they would sign in order show that they consented to die
idea.

“Spokesmen many times reminded reluctant ones that the purpose of
the plan was to relieve Linemplo^anent, It was pointed out diat the system would
act as a sales tax easier to inanage dian heavy taxes brought about by charity
being given the destitute at the present time” {Booinamig, Feb. 9, 1933).

It was decided that the scrip would be issued in denominations of 50
cents rather than a dollar, and the 52 stamps would be one cent each instead of
two. Once the scrip contained 52 stamps, it could be redeemed for 50 cents by
the commission.

Fimer K, Nelsott, city engineer and member of the governor's commit-
tee on employment, discussed several public works projects that he thought

Paper Money - November/December * Whole No. 258

could be funded with the scrip.

7'he Lariimie mayor mid city council would supemse the program^ but
each would not legally represent the city.

The city would pay the scrip to unemfiloyed men who worked on city
projects. Once received by merchants, the scrip could be paid out as part of the
wages for their employees, and as partial patmient for goods purchased by them
from other local businesses. Obviously, they also could pay it out as change,
because it was hoped that everyone would use it.

If scrip was tendered, and the merchant needed to return change, he had
the option of providing that change in the form of a credit slip to be used later at
his establishment.

Public luck of confidence in hmiks hud reached crisis proponions in several states.
The stonn broke in Michigan where rnns on bunks forced Governor IVilliam Cmnstock to
close eveiy hunk in the state fry a pj-ocluvmtion dated Fidrrumy
13.

By February 15th, The Boo/neiang reported that
154 local firms and professional men had signed on to the
scrip plan, representing 98 percent of the local companies.

The scrip committee was at that time comprised
of James M, Christensen, general manager of the Gem
City Grocery; J, Edward Friday, manager of Friday’s
Groceiy; Fire Chief J. H. Patrick; VV. W. Husted, local
manager of the Rocky Mountain Gas Company; George J.

Forbes, assistant cashier of The First National Bank, and
Clare Mundell, assistant manager of the University Filling
Station, Mayor Charles H. Friday and the city council
would direct the program. City engineer Elmer K.

Nelson sensed as temporar)^ secretary.

The February 2 1st Boojuerang reported that ‘*Mr.

Nelson, who doubtlessly will be the scrip commission’s
director of unemployment relief, assisted by Stanley P.

Hunt of the University engineering college, was busy
today drawdng designs for printing both the scrip and the
scrip stamps. Zinc etchings will be made of the designs
tor printing. ... It is understood that the scrip will he
issued and stamps will be sold by George Haiwey, city
treasurer, acting as the treasurer of the commission, and
that J. FI. Sullivan will be legal adviser to the coininission.

“The commission will have the power to issue
scrip in any amount as long as it can be used advantageously, provided the
amount in circulation at any time w ill not exceed $1,000 in value. The scrip will
be serially numbered,” The first printed w^ould he 2,000 pieces, serial numbered
from 1 to 2,000.

The scrip program became a program that funded city projects. The
Mbany County government did not participate in paying out scrip.

Panic was roiJhjg anvss the count jy, such that cash withdrawals from ba77k
accounts by nej-vous depositors totaled $1.6 billion w^hen the nation a! adininistration
changed hajidsfiv'ni Herbert Hoover to Franklin Roosevelt.

On Saturday, March 4th, it was announced in the Boomei'ang that the
first scrip, amounting to $250, would be issued the following Tuesday. On
Tuesday, it w^as announced that $283,50 in scrip had been paid out for labor ser-
\ices by G. E, Flarvey, treasurer. “About 200 red cards in store window's ot local
business houses attested that the scrip was being accepted as a medium of
exchange by virtually ever\' merchant and business firm in the city,

“Serial numbers 1 through 500 have been reser^'Cd by the commission
for souvenirs and already a large number of scrip certificates had been pur-
chased.”

■405

One*cenl scrip stamps, purchased in
sheets of TOO by merchants and pro-
fessionals, supported the program.
The stamps were orange.

406

November/December ■ Whole No. 258 * Paper Money

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RE0EEMA6LE IM UNfTED STATEa CURRENCY
^TTHE OFFICE OF THE SCf?IP TieEASUREf^WHEN FULLY aTAMPECi

on OR6EFORE DATE 5ET FOR REDEMPTION ON REVERaE 3IDE ►

Fifty cent scrip issued by the Scrip
Commission of Laramie in 1933 to help
re! ie ve unem pi o y m en t . 1 1 w as the si ze
of a dollar bill when folded in half. The
scrip was printed in black on off white
paper with a red serial numher. The
tiny initials of artist Elmer K, Nelson,
Laramie City Engineer, appear just
inside the border at low^er left corner.

np(m immuing PrL\mhut Franklin D. Roosevelt^ by n

prociamarion d{necl March 6, 1933, a Monday, closed eveiy Imnk in rbe United States
and its possessiojis for a period 0/4 days. On March 9, be asked Congress for legislation
gii'ing the exec at we branch control over hanks for the protection of depositors.

The Ettiergency Banking Act of March 9, 1933, was passed luithoat a single
dissenting vote, and the President immediately extended the bank holiday indefinitely.

'The March 1 0th Boomerang reported that the interiors of the Laramie
niLinicipal buildings were to be renovated and redecorated in March without
tapping the city treasury for a cent, S250 in scrip was to he used.

iVIore scrip was needed, so at least one additional printing was made.

On March 1 U Roosevelt annotmeed that qualified banks ivould he reopened by
March 1 6th. Of the 3,916 national banks entering the bank holiday, 4,510 opened
with licenses by that Thursday, inclnding the Albany and First National Banks of
Laramie. Over the next year, the unlicetmd national banks .dyovni to have .wand as.uns
icere lieensed. The remainder were liquidated or placed in receiveiyhips.

The plan was to call the scrip in for redemption on June 30th; however,
as chat date approached, the due date was indefinitely postponed because the
scrip was circulating slowly, and not collecting stamps.

Accortling to the June 16th Boomerang, only $150 worth of scrip had
been turned in From the $1,152 pressed into circulation. Some $850 worth of
stamps had been sold, leaving another $.300 worth of them to be purchased
before all the outstanding booklets could be filled.

It w^as found that most of the scrip had circulated to only a small num-
ber of local businesses. Issuance of scrip was to be terminated forthwith.

Paper Money • November/December * Whole No. 256

407

By June 30tlTj another $50 worth ot scrip had been redeemed, tor a total
of only $200, just a fifth of the total amount issued; $1,0(K) worth of stamps had
been sold Iw that date,

A deadline of September 1st was set as the final date for redemption in
mid“August. Scrip booklets, whether filled with stamps or not, would be
redeemed at their face value of fift)^ cents- Treasurer I laiwey advised that the sale
of stamps and souvenir scrip certificates was sufficient to cover a complete
redemption of the outstanding scrip. At the time this announcement was made,
there remained $484 outstanding from die $1,1 52 issued.

The Boome/wig carried a summary assessment of the program in late

Augaist.

^4^ e ISO ns who received the money for work on city projects took the
money to a store, usually the gTOcen The merchants were able to use it only in
payment of accounts with other business houses, partial payment of wages to
employees, or as change. It was found, however, that the clerks turned die money
back to their employers or another store and tire paper money went through the
same circle again and again. A small group bore the burden, and they pro-
nounced the scrip more of a nuisance than a tax, while the majority of the citizen-
n hardly saw the scrip, Efforrs were made to broaden the scope of circulation,
but failed,

“Scrip financed the interior decoration at the citi' hall and fire station
and repairs ro both buildings; the cleaning up of the La Bonte park area; the
cleaning and rip-rapping of the storm sewer out la I! open channel; the const ruc-
rion of a fence at the cic\' dump; the cleaning of the sanimry sewer system and the

There were spaces for 52 one-cent
stamps^ purchased by Laramie mer-
chants and professionals, that funded
the program. Each time they
received the scrip, they pasted a pre-
purchased stamp inside the bookiel,
and canceled it by initialing or
stamping it. The bearer could
redeem it for fifty cents through trea-
surer Harvey at city hall once all 52
spaces were filled.

403

November/December • Whole No. 258 • Paper Money

spring cleanup of the city park. Approximately 75 men were given parr-dme
work. All had been unemployed and w^ere Found to be desperately in need of
relief.’"

The citizens of Laramie had attempted to do right by their unemployed
brethren, and maybe spreading $1,152 out over 75 men, an average of a little
over $15 apiece, sounds meager by today’s standards, bur it was a shot in the
arm. A lunch could be had for a quarter, a loaf of bread for less than a dime, and
monthly rent was $ 1 5-$2 5.

The Laramie scrip plan played out at the vet)'^ depths of die Depression,
offering small life rafts in a vast sea of despair.

It would tuh months for the feda'a! Nrw Deal progt atm to stait to turn the
tide. By the end of 1933^ wmnp/opnent hi M^yonihig would involve about a fifth of the
population of the state.

The Ejnergenty Bank Act provided for immediate Ikemmg of sound nariona/
banks, and imtituted Federal Deposit Insurance. Both boosted depositor confidence, and
encouraged people to return their money that the^f had squin-eled away in mattresses to
banks where it could revitalize the econo?ny.

An hnponant pividsion of the emergenty legislation was for the federal gov-
eiiiment to pump large amounts of new imney into circulation. The idea was to get
money out thn'e, and get it to stait tirovingfimn hand to hand. Doesn 't that sound on a
national scale exactly like what the Laramie Scrip Commission attempted to do locally?

You can make out many of the people and establishments who support-
ed the plan by their initials on the stamps that are pasted in the scrip. The worn
pieces of scrip, with dieir canceled stamps, are the most desirable items, not the
unused souvenirs, because die wear and tear that they exhibit are their pedigrees
that they actually were used for their intended purpose.

Perhaps the only criticism that can be levied against die plan was that it
was scaled back so greatly from the initial $20,000 proposal. In its reduced
form, it only scratched the surface of the need. But then, even^one was nervous
in those days, and caution was the b}^vord.

No one lost a dime in this venture. The scrip commission redeemed all
of the scrip presented, whether filled w^ith stamps or not. The pieces of Laramie
scrip that survived represent fragments of history^ that show that the people in
the town cared when the chips tor some w^ere really down. ITose that sumved
w'ere keepsakes of the unimaginably hard times.

Ackno wl edgm e n t

iVly old Wyoming National Bank Note coilecting buddy, and fierce
competitor, Tom Mason (1917-1979) of Cheyenne, had an avid interest in all
things paper, metal and glass from Wyoming. He gathered copies of all the
articles he could find on tlie Laramie scrip and sent them to me in 1976, soon
after I moved to Laramie, with the request that I WTite this stoiyc I just discov-
ered the envelop containing his letter and those copies, long buried in an out of
the way file. I was astonished to find that I discovered his envelope one week
before the 75th anniversary of the day that the Laramie Boosters proposed the
scrip issue. M shown in the sources cited, the Boosters proposal appeared in the
Laramie Republican the local ne^vspaper founded by humorist Bill

Nye the previous century.

Sources of data and sources cited

Laramie Republican Boomerang, Wyoming, Jan. 19, Feb. 4, 9, 15, 17, 21, Alar. 4,
7, 10, June 16, 30, & no. 147, 1933.

O’Connor, J. F. T. Annual report of the Comptroller of the Currency: U. S.
Government Printing Office, Washington, DC, 1933, 677 pgs. <*

Paper Money • November/December • Whole No. 258

409

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410

November/December ^ Whole No. 258 * Paper Money

The

Little Androscoggin Company

“Bank”

of Danville, Maine

by Q. David Bowers

A Bit of Histon^

Was die Licdc Androscoggin Company a “bank,” or was it sojnediiiig
else? d he enterprise was incorporated in Danxiile, Maine in 1 853. diie town is
south-southeast of Auliurn. The name was taken from the Little Androscoggin
River, a well-known jMaine waterway, near which a certain impressive venture
was CO be laid ouL Within a short time it attracted unwanted attention. Brmkers
M/fQ^ffzii7c [iriiitetl this in May 1854:

Laiiv in June, inlcH iiiation was received dint :i iiianiifactui ing compa-
ny, called the l.itrte Androscoggin Com])any, Itjcaced opposite Lewiston Falls,
in tlie state of Maine, hat! employed a weILknown bank-note engraving estah”
lishment of this cit\^ tu engrave a large Cfuantit)* of notes, of the customan'
denominations, and in die same style as ordinary bank notes. It was ascertained
that they claimed the righr of issuing bills, under a special clause in their char-
ter, ami having satisfied the scruples of the engraver, with a properly attested
copy of the same, the bills were printed, and were shortly to be delivered to the
agent of the company. Steps were now taken to prevent the delivery of the bills,
and to ascertain the nature of the clause in the company's charter.

The secrctaiy of that state denied any intention of the T.egislaairc to
grant banking [irivi leges, akhotigh the clause, of which the following is a copy,
might lie stj construetl.

'‘T he business of said company shall be managed by a lioard of direc-
tors, and in tlie absence of a majorit)^ of said hoard, liy the president and trea-
sure r> And said lioard of directors, or president and treasurer, shall have power
to create, and discharge in the name of the company, notes, bills, and cnlier evi-
tlences t>fdebt, for the use and purptjses of said company.”

h being apparent that bills issued upon so qtiestionahle authoriw,
would he consitiered spurious, and occasion loss to the holders, and create [irej-
udice against our paper currency, the engravers were urged to suppress them.

T his was finally done by theni, Imt not without claiming of tlic association a
partial remuneration, for the exjiense of engraving dies, and for paper and
printing. This has not been granteil although we think the New-Fiigland Bank
Note Company, die engravers rel erred to, highly deserving of consideration, by
the banks in New ITigland, for their correct and manly course, when their sus-
picions became excited as to the questionable character of the undenaking,

T hey had, at considerable cost of time and money, prepared ^lics for these bills,
furnished paper, and printed a large amount of them, and they could reasonably
expect to print, from time to time, a liirtber and large mimber of impressions;
and although it may be said, that the very wording of the clause, as recited,
shouUI excite suspici<in in the mind of a Irank-note engraver in Alassachusetts, it
must also be bt>nie in mind that, in some of the states, various kinds of corpora-
tions exercise the right of issuing bills resembling hank bills* and that an
engraver, calletl up<jn to tlo such a thing, the parties npparentlv respectable.

Paper Money • November/December * Whole No. 258

■

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412

November/December • Whole No. 258 • Paper Money

troni Li nci^hliorin^ .stsuc, might, uiuler tht: drcuinstiinccs, consider himself rea-
soniildv well jiisdhcd in proceeding tt) comply with rheir wishes.

I t is evident^ we think, that the (.lies were prepared, and die hills print-
ed, in good faith, liy the New- England Bank X*ote Company^ that they would
not hav'e been pi'epared, if their suspicions had been aroused at the commence-
mentj and that they have heen, in a ver\' praisewen thy and manly manner, sup-
pressed, at a loss to themselves, upon a belief that that was the best course h>r
the comnumity, and the honest one for themselves. This association of banks,
ffinncd for die protection of their customers, the communing and themselves,
against the circulation of altered, counterfeit, and fraudulent issues of cnn ency,
wouUI, dierelore, eordially recoiiinieiiJ to the patronage of the hanks of New-
Eaigland, the Ne\v-I:'nglantl Bank Note Company, of Boston, hoping diat liy an
increased patronage tni their [lart, any loss which the company may have suf-
fered, l)y their noble conduct in the present instance, may he made up to them
lourfold. At a session of the Legislature of Maine, since the occurrence of the
loregoing, the subject was hrougdit before that body, upon a mo dim to repeal
the chartei’ of the company, its friends, in order to reeain the charter, offered to
give up the ohjccdoiialile clause, and denied that they had attempted to issue
hills. In reply, the hills were [iroducetl, and having been rend and held up to the
view of the members, the imnietliate repeal of die entire charter was carried,
without a dissenting voice. The matter has heen presented in detail, in the belief
that it affords a note of warning, worthy the attention of the banks.

Million-Dollar Ideas

Little Androscoggin Company wiis a scheme of Charles B.
[ luntington, a New York City broker and specuiiitor, who engaged in many dif-
ferent forgeries, esLahli.sliment of sham companies, and the like.

I luntington was born in Geneva, New York, in 1822. His ancestors
vvent back to the landing of the M/fyJhn er. In 1843 he came to New York City
and found employment as a clerk with William B. I lumphrLys, Chatham Street,
a fnrnitiire esmhiishiiient, where he stayed until 1845, after which he went into
the furniture business with a partner. He then moved to Syracuse where he and
other nieinbers of his family kept a seniinaty for the learning of young ladies,
4 hen he became a brfiker with his own office on Wall Street, but with little cap^
ital or experience. 1 le l>ecame known as a promoter and schemer, with little suc^
cess for investors who succumbed to his beguiling offers. One involved setting
up a steam laundry in Panama for the convenience of travelers to and from
California, estimating income of S800 per day, but it did not work out. After the
company failed, or was about to, he issued stock in the Panama Steam Laundiy'
Company, and apparently sold some shares, .A million-dollar-profit cemeteiy'
projected for Buffalo did not materialize, nor did a similar real estate venture in
Baltimore.

Paper Money * November/December • Whole No, 258

413

?AXlIttERS &MECHi^CS E^NK

/’jrLS TJj z/f/^/z////

^ t / / / / / / / / / ^

GEORGKTOWW*D.C*

!int .

In 1852 he hiKl pnper money printed lor the non-existent Inirniers iHid
Mechanics Bank of Georgetown in the IDisirict of C'oluinbiin Notes were signed
by^ Muiitington using the names of two ol his Ijroihers-in-law (from a large laniily
of eight brodiers-in-hiw), these being F. Barry and SJJXb Bany, dliesc were sold
in New York C2ity at a 10% discount to speculators, who then set al>out spending
them lor various products and services. In the meantime, to assure the public the
bills were good, Huntington arranged to have Iriendly brokers agree to redeem
them in gold or siker coins at a nominal charge of diree-quarters of one percent,
hoping that only' a few hills would he tendered. Several hundred were, and
prompt payment was made, after which the bills were circulated again. The caper
worked well for about a week, when the dcceptitjn was discovered, and the hills
became worthless. Richardson was indicted lor hand in connection with the
Farmers and Mechanics Bank, arrested and let out on hail, hut no trial ever cook
place.

In the same VTar Richardson created the lictirious Citizens Bank of
Georgetown, D.C. Bills were signed with IF Freeman as president and G.H.
Smith as cashier. The Citizens Bank scheme seems to have been soKl to a Mr.
Seely, who endeavored to eon tin tie the deception. No legal proceedings hav'e
been located concerning the Citizens Bank or its per]>etrators. Setting up fake
banks in W^ishingcon and having leading engraving firms print quantities ol l)ank
notes for them was a popular fraud in that era. Washington was a city of seeming
importance, but it had very little in the wav of oversight on local l)anking matters.
Gn!y the state of Michigan outranked it in such paper mcjney schemes.

Unissued $5 note of the non-existent
Farmers & Mechanics Bank of
Georgetown, District of Columbia.
Apparently, its notes circulated for
only a week or so!

A New Bank in Maine

In 1853 Huntington tlesired to establish a fiank in Maine, and traveled to
the state for this purpose. He soon learned chat l>ank charters were di I'll cult to
obtain, but permission to set up a manufacturing company w'as easily enough
secured, as such would benefit employment and industry. He laid pre]>a rations for
the Little .Androscoggin Coinpanv at Lew iston ludls, stating that its main purpose
was to manulacnire paper from smnv, to make linen, and to engage in related
activities. Alter spending $800 in fees and other expenses he returned to Wall
Street with charter in hand, and held di.HCLissians with his friends in the brokerage
and stock trade. Plans were drawn up, with a factory^ building as the center of a
development with many lots to be sold for housing. Capital was set at $500,000.
Excitement prevailed with the prospect of gulling buyers lor shares. Investors
were told that a million dollars’ profit was in the offing. A fair amount of stock
was peddled in this manner as eager investors rushed to get in on the ground
floor. No mention was made of any banking activity .

In the meantime, Huntington hatl no intention ol ever setting up such a

November/December - Whole No. 258 • Paper Money

414

iiictorv. lie sem an vissociare in tlie venture, Saniuel Randel, to the New
England Bank Note Company in Boston, whf) informed them that the IJttle
.Androscoggin (Company had hanking privileges. All was found to l^e in good
order, and Randel ordered $50,(J0O worth ol^ Irank notes in the denominations
of $i, $ 2 , and $3, these imprinted with Danville, Maine, as the location. These
low denominations were a logical choice a,s they were ahvavs easier to distrilnite
than hills oP high values, as recipients would often take them in without ques-
tion, then routinely pass them along in another transaction. In contrast, a SlO,
S20, or $50 note jnight provoke second glance and perhaps even checking with
a Irank-notc reporter. A meeting was held with the Globe Bank in Boston, and
$2,1)00 w'as defiosited as securit)', after which the hank stated it would sen-e as
agent to redeem the hills at par, less a small service charge.

On a sid>setiuent visit tf> Boston to see the work in progress and
approve of the currency designs, Randel was told that an officer from a Alaine
bank had visitetl, saw' the “Litde Androscoggin Cfo.” name on the hank bills,
and told the engraver that there w-as no such company. Randel pioduced a copy
ot the charter and pointed out the hanking provision. I'he bank-note makei'
was in a quandary. Ehe Association of Banks for the Suj^pression of
C>ounterfeiting, based in Boston and with 1 10 hanks as members, learned ot the
impending distribution of hills and registered a protest. Some Boston hanks
said they would stop doing business w ith New England Bank Note if such bills
were printed. Accoi dingly, with all of this unwanted negative piiblicin^ it seems
that only proofs were made.

“Moral Insanity^’^

W ith the Little Androscoggin Company bank-note venture a tailure,
but with some money on hand from stock sales, Huntington headed for
California to seek opjKjrtunities. Reality did not live up to expectations, and be
returned in the spring of 1854, whereupon he was sened with notice that he
owed $140,000 in old debts. Not to be deterretl, he embarked on other
schemes. Enough money came in that he lived in comfort.

In December 1856, 1 luntington was hauled into court for fraud in the
coiinterleiting ol debt obligations, specifically a $6,500 note of Phelps, Dodge
& Co. Extensive testimony in lengthy trial show ed that he had been involved in
many nehu ious schemes over the years, ncme ot which demonstrated a profit.
11 is attorney, James 'r. Brady, presented the novel defense of “moral insanity.”
Richardson w'as incapalile of discerning right from w'rong in husiness ventures,
he told the jury. \Airious witnesses testified as to the defendant's unusual behav-
ior. 1 luntington lived in a lavishly-fiwnished mansion for a rime at 100 East
22nd Street, New' York Chty, it was related. His wife was ill and in a bedroom

Paper Money - November/December • Whole No, 258

415

on the third floor. TIis doctor testified thnt in the nieiintiine he held lavish par-
ties, had a staff of eight to nine servants, and that sometimes he would hire an
orchestra of 10 to 12 pieces, including irumpets and rroinhones. He would turn
all th e gas lights up in the house, leave the windows and doors open, and the
music cotild be heard for a long distance. Telling lies, making misrepresenta-
tions, creating frauds, and other such activities were hc\’t^nd his controh it was
asserted. The case became a f/imc celMrre.

Unforrunately for Richardson, after due delilierarion the jury found him
guilt}', rhe judge sentenced him to tour years and It) months in Sing Sing prison.
It would have been five years, except that the jutlge showed e(jmpassion and pro-
vided that he be released in the autumn, rather than in the cold ilead of winter.
R i ch a rd s o n 1 )e ga n h is i n ca rc e ra ti on c > n j a n u a r} 2 , 1 8 5 7 . S ec k i 1 1 g to ca p i t a I i xe o n
all of the trial of the excitement, a hook was written and set in type in just two
w eeks in January, Tri/f/ of Ch/rrley B. H/aHiiJgtou for Forgery. Prinvipni Difcmr:

prepared under the tli recti tjn ol att{)rney Brady.

Numismatic Notes

ft seems that currency of the Inttle Androscoggin Clompanx^^ was
unknown to numismatists until about 2002, as per this eommentary by R.AL
Smythe & Co. in the sale of the Schingoethe Ckdlecvion, September 21)0.^:

Until the suninier ot 20()2, no one had seen or Keartl ot these notes.
Thev surtaced in a large Maine deal with eonunon notes to great rarities. V\'e
saw thb, the $2 and S3 offered here, sell for a heity sum iit the 2t)02 Strashurg
Show into the Xornian Pullen Uol lection. 1 he}' were the final major purchases
into that epic collection which became part laf the 2t)f)3 PUN Show CAA sepa-
rate owner catalogue for Nhjr man's collection. Under tlic hammer for the first
time, I lerb and Maitha hid vigorously for these likelv unique notes. It is hard to
gauge their value now, hut no amount f>f iiifiney replaces tliem at the fall of the
hammer. It is possible the company operated as a hank. If so, their value is more
significant.

The three notes, SI, S2, and S3, were purchased by lom Denly at the

sale.

As to whether the comjiany “operated as a hank,” the answer is given in
the his to IT above. The company was properl chartered and hiul l)anking privi-
leges. Currency was legally prepared, hut nor issued. The New Kn gland Bank
Note Company found the order to he jiroper and in good order. The beginning
steps were in conformity to the law and were not much different from those
taken by other start-up hanks of the era.

Of course, you know l>y now that the Little Andi oscoggin Company was
a scheme, a pipe dream, but no charges were ever brought against Muntijigton in
connection with it.

416

November/ December • Whole No, 258 * Paper Money

The Murdoch
Treasury Note Essays

by David Booth

FIGURES IIJ20F, Ilj20B, HJITF, HJII B,
HJ5TF iind I LJS I'B vii e part of a series of
1 reasurv note essays produced by an enigmatic
artist by the name of John jVIurcloch (or
Murdock). He,ssler (2004, fF74) attributes these essays
(and gives pictures of what are believed to be the entire set)
to the time ol the Act of March 3, IH63. He also notes
that there are not extant records requesting the designs or
intlicating that the designs had been received by any gov-
ernment official. The designs themselves are attractive
and hand drawn on heavy card. Each of the designs (most
ot which reside in rny coliection) bears the artist’s signa-
ture, John Murdoch, in the lower left corner of the face.
The question then is who was John Murtloch?

There are two contrasting points of view on the
answer to the question of who was John Murdoch? There
a|ipear to have been two possible candidates for the pc^si-
don by the names of John Murdoch and John A lurdock.
Groce and allace (1957) believe the two artists to have
been different individuals. They report that John Murdoch (1836-1923) was an architect and ci^al engineer. Ibis
Murdoch was active in Baltimore, Maryland, from after the civil war. 4’hey describe hiny as an artist, as a water col-
orist. They further observe that the Alaryland Historical Society owns rwo of his watercolor drawings, one of which
is a bridge (1867), and the other a Baltimore residence (1868), which matches his description as an architect and
engineer. They note diat this Murdoch died on November 16, 1923,

The picture liecoines murky hov ever because there was another artist, John Murdock, working at about
the same rime. Details ol this Murdock are more sketchy. Croce and \A^allace (1957) list this Murdock as a ]>ortrait
painter working in St. Louis in I 854 and San Francisco in 1856. Further Falk et ak (1999) argue that both of these
artists were the same individual, basing their conclusion on research reported by Hughes. As re|7orted in Falk, the
possiliiliw that the two men are indeed one is a strong possiliility, and is made possible because Murdock was activ^e
in the west in 1854 and 1856 while Alurdoch was active in Baltimore and Philadelphia from 1862. In fact, Falk et
aL report that Murdoch was at this time active with Thomas \¥. Richards in creating view s of buildings.

Given chat the essay notes are signed as John Murdoch, it seems clear that Baltimore individual produced
them. We ai'e a bit less sure that the California Alurdock w^as the same person for rwo reasons. First, Miiixfoek
painted portraits w^hile Alurdoch did mostly engineering structures. Second, the spelling of the names is different.
One Avonders w^hy that should be die ease if both artists were the same. On the other hand, Hughes (as cited by
Falk et al. (1999) does have evidence suggesting that they were one. Wliile we may never know for sure wiiether
the California Alurdock and the Alaryland Murdoch are ilie same, it is virtually certain that the Maryland Alurdoch
produced these veiw^ interesting essay designs. Perhaps further research may indicate why he did so.

References:

Falk, P.FL, Lewis, /V., Kuchen, G. and Roessler, V, IVbo JV/fs M ho ijf Aj/ierlirf/i .4/t> 1564-1975, Vo\. II, G-O.
Madison, (71: Sound View Press, 1999.

Cmoce, (LC. and Wallace, D.II. The Xen'-Vof k H/sranafi Soe/efy\^ Dktioumy ofAnhts h^Ammkff 1 564-1 S6(h New
Haven: Yale University Press, 1957.

Hessler, G. U.S. Ef.wy, Proof Speamvt/ Notes 2nd ed. Port Clinton, OH: BNR Press, 2004.

Paper Money • November/December ■ Whole No. 258

417

H)20F

H)20B

HJ1TF

418

November/December • Whole No, 258 * Paper Money

HjITB

H|5TB

Paper Money * November/December * Whole No. 258

419

Catharine E. Chadbourn,
National Bank President

By Karl Sanford Kabelac

5 , 000 .

OLUMBUS, WISCONSIN IS LOCATED IN COI.UMBIA COUNTY IN
southern \^'iscQnsin, about 25 miles northeast of Matlisnn. It was first settled in
1839 and became a cin^ in I87T The population a centiir\'
ago was approaching 2,500 people; today it is close to

On Tuesday afternoon, July 7, 1891, Smith W, Chadbourn,

President of the rirsi National Bank of Columbus (charter #178)
began to feel a little indisposed. So he stepped over to Die EarlPs
office for a prescription, tlien walked to Swarthout and Quickentierfs
drug store to have it filled. Wliile there he chatted with some friends,
then walked home. Lie entereil through the front door, walked
through the house to the kitchen, and dien to the panm'. Seeing the kitchen maid, he
asketi the whereabouts of Mrs. Chadbourn and w as tohl she had gone downtovMi. As he
started to open a cupboard door, he fell back"wards — dead.

It was the second time in iust a little over a year that the bank’s president had
died. His older brother, Reuben W. Chadbourn, long-titrte president oi' the hank, had diecl
in June 1 890, Reuben had left a w idow, Catharine, and a teenage stin, Frederick.

With the death of her brother-in-law, Catharine was elected president of the
bank on July 24, 189I . She thus became one of the earliest woman presidents of a national
hank tn the United States and probably the only one in Wisconsin during the nadonal
hank note-issuing period.

She sensed as president for more than five years, until januarv 1 897, Then her
son Frederick, by now in his mid- twenties, succeeded her. He was to serve as president of
the bank for over four decades. She continued as a director of the bank.

Catharine had been born in Catskill, NY on May 26, 1 8.3 7, Her parents moved
west, first to Ohio, and then m Rochester, MN where she met Reuben W. Chadbourn,
They were married in Catskill on December 22, 1 866. At her death in Columbus on
September 22, 1918, the local paper noted at great length her many qualities, but did not
mention her bank presidency a quarter of a cenmiy earlier.

The bank continued as an independent hank until 1 994. Today it is part of
Associated Banc Corp, a regional bank holding company.

Sources

An obi man' for Reuben W. Chadbourn appeared in TIm- ^^ihLurl^kLr SaithieL }unt
1 1, 1890. .An account of his will and the distribution of his mill ion dollar estate is found in
The JViscofjshr Stare Regitrer (Portage Ml), .August 9, 1890. The CohtmiaL'i Dama'at carried
an obituary of Smith W. Chadbtmrn tmjuly 10, 1891, and one ol Catharine E. Chadbourn
on September 25, 1918. *t*

— At a meoUiig of tbeboaul of direct^
jf the FimtNatLoaai Bbnk» held last
Friday, Mrs* R. W* Chadbourn was
elected president of the bank to dll the
vac’dTicy caused by the death of the late
S- VV* Cluadbuurii.

The notice of the election of
Catharine E. Chadbourn as president
of the bank, which appeared in The
Columbus Democrat on Friday, July
31, 1891.

First National Bank, Columbus.

E. Cu AUBOUttK, Praidmt No. ITB. J, It Govt, CStwJiwr*

LoannaDd dLaooimts. .*.***.*.**.<,

^ .

1133, m 14
2.BI
12,900.00

U. S. benila to KOure oirculndon. ...
U S bill] da to aecnt^ dapoeltA * . - * >

U S bfimlH an baud

Stocka. Hacuriiiaa, etc

Due from appro v^neerreaganu.

Dua froQi ntber natiosal banka

Dae fram SUito banka and bankarm
Bank'g hinuie,fiirDltcLre,KiiiiftktitToa
Oiber real eniatc and mortg'^a owned
Onrront eipenaeit and taxeapald. . .

20, too. »

100.84

imbo

674,82
% ITl, 88
248.34

f'he^k H amt othar oajth itoniH ....

for ulwrinj; hoiuA

nilip iianke . . . .

470.00

120.00
7, 197. 00
7,000,00

FractioniLJ ciinneticj, niokela, copta.
Sptrie

LegaJ'teDiior potoa

TT. Sl rf 1 rt Iah nf rt a ruia 1 1

fund with Treaa. U. S.
Due from TrAuapT^r U- fi-

56150

TotiU.,-.

175, 581.64

Capital AUKsk paid ia.

tSU, (HK>. 00

Suq>tiuftiml.. ....

Undivided proOtn.

10, 000.00
o.m JO

Ketionftl bauk poteaouiitaiidiEifE..
State- baiik nuLu eutetauilLni;.*.,.

11,2^0.00

DWlileade onpald,

Individ DiU depoilU - . * J

Dnitetl Statei cloptMita. . ..... .

Depoaltaur U. S .il laburai £i g o Hcera .

90, 080.54

Dua to otburiiat^Diiat baokn.---.
Dua to Stale bauka aud baukera.

Nataa and btlU redlscouiiied ...
BiOi payabla-.**.*.,...

Tatnl

Catharine E. Chadbourn had been
president of the bank for two months
at the time of this September 25,
1891, report on the condition of the
bank from the 1891 annual report of
the Comptroller of the Currency.

ns, 581. 44

420

November/ December • Whole No, 25S - Paper Money

Fifty Cent Fractional Currency
Negative Essay Notes

by David Booth

F or those interested in paper money, essays citiose

notes chiit might htive been) are of great interest. Nowhere is that more
evident than in the collecting of U.S. Fractional Currency. VVliile many
examples of pninf, essay and experimental Fractional notes exist, some of
the most popular are the negative essay notes of the second issue. Second issue
Fractional notes were approved by the act of March 3, 1863. Hov^^ever, we know
that essay notes for the second issue were prepared as early as July 17, 1862,
because essay notes carrying that date are in existence {e.g. lot 144 of Stack’s
JohnJ. Ford, Jr. Sale Part XIX).

Our particular interest at the moment, negative essays, can be chonght of
as color trials for the backs of second issue notes. Negative essays are color trials
in two different senses. First, they exist in different colors from the adopted
designs. Wliile examples of these are rare, they are known. Examples exist as
shown by lots 263, 264, 265 and 278 of Stack’s John J. Ford, Jr. Sale Part XIX of
2007 as well as lots 16337, 16338 and 16339 of tlie Heritage Currency Auctions
of American Sale of the Tom O’Mara Collection in 2005.

Negative Essays are color trials in a second sense as well, because they
exhibit a reversal of dark and light areas on the notes. This reversal, which leads
to their name as negative essays, has been the source of confusion since tiie notes
first became known. We need to look at these early descriptions and compare
those descriptions witli both regular issue notes and the negative essay notes as
well.

In the Currency Auctions of America Catalog for the 1997 Milton
Friedberg Sale, the candogers described negative essays in their description of lot
893. They point out that the commonly used terms for these notes: “negative
essay,” “reverse matrix” and “negative matrix” are all technically incorrect. The
catalogers note that these terms arose fi’om the mistaken impression chat these
notes were printed from mati'ix dies (transfer rolls) rather than plates.

The catalogers Itirther remark, that some also believed that the notes
were printed by plates made from other plates and note that the most common
tenns for the notes, negative essays or negative reverses seems to have come from
the fact that at a quick glance negative essay notes appear to have die light and
dark areas of the design reversed. However, this is not the case for the entire
design and hence the term negative as used in the term photographic negative, is
not appropriate.

Paper Money * November/December • Whole No. 258

421

FRt314SP

Actually the back designs are really essays in which a designer th ought
the h-Ack w'ouid look better with some light and dark areas of die back design
reversed, d'he same catalogers make similar comments in their discussion of lot

16334 and the following in the Tom O'jMara catalog of 2005. The catalogers of
the John J, Ford, Jn Collection Part XDC o\ 2007 make similar comments.

These comments are best illustrated by reference to the notes them-
selves. Figure Frl314SP is a Specimen of the back of a
regular second issue 50 cent note. Figure F2S1 and
.M1070BG are 50 cent negative essays. M1070BG is ex^

Alilton Friedberg while F281 is ex-F.C.C. Boyd and
John J. Ford, Jr.

Both notes are interesting. M1070BG was
printed on India paper, mounted on cardboard and
trimmed to the size of a regular issue note. Notice that
it lacks the usual punch cancels and the specimen
stamp. As of 1997, only three examples of this note
were knoivn without the cancels and specimen stamp.

F281 was printed on thin very fine fiber jiaper as
described on page 94 of the Stack's 2007, Ford XIX
Catalog. The important point is to compare
Figures F281 and MI070BC with Figure
Frl 3 14SP to see the effect of the negative essay.

In particular, compare the edges of the
design, the edges of the central shield and the
eagle. The edges, both of the overall design and
the shield, of the twu) negative essays are dark
where the regular issue note is light and vice
versa. With respect to the eagle, the wdngs are
light on the negative essay w-hile dark on the reg-
ular issue. The other parts of the design do not
show' this reversal and vice versa. One often
hears discussion among collectors about which
design is better.

It is interesting to note, that there are
examples of fractional notes that have both an
experimental note face and a negative essay hack.

Some are even double denomination notes. See,
for example, lots 283-292 of Stack’s Ford XIX auc-
tion. One such note Heritage C.^\^V, 2005, O’Mara lot

16335 appears to have actually circulated, thus is, per-
haps, the ultimate in ‘Svhat might have been” notes.

References;

Currency Auctions of America, Inc., Milton R.
Friedherg Colkct!OJ7 catalog, January 10, 1997.

Heritage Currency Auctions of America, The Tom
O'Miira Collection of Frnctkninl CniTany cata-
log, Signature Auction #374, A lav 5-7, 2005,
Dallas, TX

Stack's, John J. Fordy Jr. Collection Pair XJX United
States Fi^acthnal CmTciuy., October 11, 2007,
New^ York, NT. ❖

F281

MT070BG

422

November/December * Whole No, 258 - Paper Money

Give Tennessee Back Her Notes

by Tom Carson

Maverick Notes

Notes without a location are called mavericks. They become a challenge lor the
collector cumiiiunity to identily^ Unless the name is unique they can be misattrib-
uted. Such is the case of several Tennessee notes. This article will attribute sever-
al notes back to Tennessee.

Vulcan Iron Works

Poor Colonel Samuel B. Lowe^ the north stole your \'ulcan Iron Works
and over 100 years later they are still trtdng to steal the notes from your works.
Foundiy man, Colonel Samuel B. Lowe, left the almost completed Vulcan Works
near Chattanooga Creek as the Federal troops started shelling the city. He moved
to Selma, AL to set up another milL His bookkeeper, Richard Washington
Corbin, also left town when they found an unexploded shell that came through
the roof of his house, near the base of Cameron Hill, and landed in a feather bed.

VMien Low^e returned after the war he found only charred ruins ol the
\Tilcan Works near Chattanooga Creek. He traveled though the region to find
parts and equipment to use in rebuilding the Vulcan Iron Works. The rebuilt
plant employed 200 men to manufacture car axles, and railroad cars. The VTilcan
Iron Works failed in the panic of 1873, but continued business. In 1877 Colonel
S. B. Lowe had one of the First telephones connected from his office on West
Eighth Street to the VTilcan Iron Works over a mile away* (Col. Lowe probably
had no ownership at this point, but was an iron broker to local plants*) During
the summer of 1878 the Vulcan Works had to be shut down because of Yellow
Fever. (Chattanooga Stoiy^ by John Wilson)

Goodspeed's Hlsto/y of Tetiness^ee in Llamilton County reported: ^^The
business to which the South TVedegar Iron Company has fallen heir was com-
Vulcan Iron Works became Powell menced in 1 860 by S. B. Lovre and others, under the name of the VTilcan Iron
Iron & Nail Company following bank- Works, and was conducted by them on a moderate scale until the war put an end
ruptcy of the former in 1 880. to business in Chattanooga, After the cessation of hostili ties the company reorga-

nized and continued under the old name until
1873. In 1875 Hazleton & Harrison rook up
the business. The 1878-79 Chattanooga City
Directory lists the company as \^ulcan Iron
Works was ow'ned by Haselton and Harrison,
with F. L Stone as the General Manager.

The New York Ti'mes carried a front
page article about the bankruptcy of Vulcan
Iron Works on May 28, 1880. The article
stated that “\Tdcan Iron Works was the largest
nail, holt, spike and bar mill in the South and
employed about 600 hands. The receiver whis
directed to continue running the plant and it
became Powell Iron & Nail Company later in

POWELL IRON a NAIL WORKS.

Paper Money • November/December • Whole No. 258

423

the yeitr. In 1881 the South Tredegar Iron Company took over the plant, F. I.
Stone and Col* Lowe are listed as running Lowe’s Metallic Paint in the 1881
Chattanooga Directon^

Vulcan Notes

Vulcan vv'as the Roman God oF Fire and Iron, Vulcan is an extremely
popular name in iron and there were numerous iron companies with the name
\Tlcan,

There are two series of Vulcan Notes. P'irst scries have Vulcan Works
Store and had the location ol Chattanooga, Tennessee. The notes are known in
25' and 50~cents as well as $1 and S2, These notes when signed were signed by
R i c h a rd Was h i n gto n

Corbin, I chose to illustrate
this unsigned remainder
because of the beautiful
vignette of iron production.

Issued notes are dated April
1, 1873(5?) and October L
1873. The company likely
failed soon after in the Panic
of '73, but continued after
the failure.

The second series
of notes are Vulcan Iron
Works. These are not dated
and there is no location. The second series were printed by Krebs Lithographing
Company Cincinnati. The Cincinnati connection probably was the reason tor
them being considered to be Northern notes. The key to them being
Chattanooga notes is the name Vulcan Iron V'orks and the .signature of F'(rancis)
L Stone.

Bowen in Fjirly Mkhigav Snip attributed the second series of notes to
^Tlcan Mining Company. He made a leap to make Vulcan Mining Company
into \mlcan Iron Works, 'There is another leap in that the president and treasur-
er ol Wdcan Mining was F. Stone, hut the notes are signed by F. I. Stone. Dr.
Lee in his book on Mkhigmi Olmivte Bank ami Scrip Notes of the i9Th Cent my used
tile Bowen infbmiation and lists 10- and 25’Cent notes.

The Sedman Collection of Tennessee Scrip was purchased by the
Schingoethes in 1992. It contained a 5-ccnt note that was listed in the 1 3th
Schingoethe Auction as lot 497 under Michigan: .

ML Dickinson Co. Vulcan (near Norway). Vulcan Iron Works.

5c, (L-lMCC-27-1). Face: Black print with red overprint 5.

Back: Single design of three interlocked green circles with
white 5 CENTS in center. Fine,

We notified Smythe chat even chough the
note was listed in a Michigan catalog, the note was
really a Tennessee note, but it was too late. I lost
the note to a collector, who probably considered it a Michigan note, for more
than it was worth in Tennessee.

A 2 5 -cent (same as the 5 -cent except for denomination) appeared on
eBay attributed as Wolka 2076-03 Toledo and Columbus. 'The note did not sell
at the resen^e placed by the seller. I purchased it after the sale and after showing
WVndell the evidence, he agreed it was a Tennessee Note.

A $I \Tlcan Iron Works note was in lot 3629 ol Auction 1 1 ol the

424

November/December * Whole No. 258 • Paper Money

om: 1)01.1. Alt

Schingoethe Collection.
Tlie lot was described as
five Vulcan Works Store
notes, but one of the $ 1
notes was actually
Vulcan Iron Works.

An issued $2
Vulcan Iron Works
appeared in the
Ch a tt a no oga T i in e o n
March 12 th 193.V The
note is of similar design
with what appears to be
the vignette of a \vorker
pouring iron on the left. I have been unable to locate this note.

Notes of 5-, U)- and 25-cents and $1 are known to still exist on Vulcan
Iron Works. A 50-cent note likely was issued and a S2 was kjiown in 1933. The
Si and S2 were lots 559 and 560 listed as Ohio Wolka 2076-05 and 06 in
Schingoethe Auction No. 15. The S2 is slightly different from the one in the
1933 Chatumoog/i Tmm\

CranbeiTy Furnace

Hiese notes have a veiy rich history. Right after die V"ar of 1812, the
Perkins brothers of Crab Orchard Tennessee, got in a little scuffle at a log

rolling. Warrants %vere issued for their
arrest. They hid in the mountains along
the East Tennessee and Western North
Carolina border in the area near
Cranberr\% NC. They supported them-
selves selling the herb ginseng. While
hunting for the herb, they discovered the
richest vein of magnetite known in the
U.S. Small bloomerys or furnaces
processed the ore until the area was
reached by the East Tennessee and
Western North Carolina Railroad (a.k.a.
Tweetsie) on July 3, 1882. fn 1884
Cranberr}' Iron and Coal Company blew in
a 14 ton per day blast furnace. Tweetsie
hauled both iron and ore to Johnson Cin^,
TN.

4 he late 188()s and early 1890s were an iron boom for East Tennessee.
Northerners and Europeans were pouring money into the area like drunken
sailors. Cities sprang up overnight in auctions tliat brought unheard of prices
for land. General John V. W'^ilder had purchased Roane Mountain and was busy
arranging $2 1 million in financing from Baring Brothers Bank in London to
develop the Charleston, Cincinnati, S: Chicago Railroad and lands he owned
that had pan; of the Cranhern^ Vein. Wilder started construction of a large
blast furnace in the Carnegie section of Johnson City, TN. I'he collapse of
Baring Brothers and the Panic of 1893 brought about the collapse of the 3C
Railroad and the furnace. Wilder reportedly lost more than $700,000 dollars.

\arginia Iron, Coal, and C"oke Company acquired the furnace in 1898
and operated it until it went broke in 1900, \4CC went bankrupt and the fur-
nace was leased to Cranberry Iron and Coal in 1901, In 1905, Cranberr\^ pur-
chased the furnace and placed it under a subsidiar)' named Cranberry^ F'urnace

Paper Money • November/December • Whole No. 258

425

Company* fThis information first appeared
F'all/ Winter 2003 Issue. The Ste?jnvinilcr is
Rail road f I i sto ri cal S oc i cn^ I )y J o h n R . \ \ 'a ire.)

Punch card tyy^e
notes are know from
Cranberry Furnace
Company in 50- cent, Si,

SI. 5, S2’ S3, S4, $5 and
SIO denominations.

Similar notes were
issued as Cranberry
Mines, but they were
used in North Carolina*

It is easy to see how the
Cranberiy' Furnace notes
were considered North
Carolina for years*

in the Bine Ruige Srennr ruder,
[)ublisheLl l>y the ET&WNC

5 i 5

i 5 1 3 ^ 3 ^ 2 r

2 1 1

THE CRANBERRY FURNACE CO.

*.*19...„..*

t.n

Mi;i't:hiindi:^e in thf^ value of $1*00 at *sucb time or times as thU
order i^hall be prej^ented at the counters of your store-room, until
all the Mercliandise herein ordered is delivered, and charge the same
to our account.

$ 1.00 1

1 Wi tness

1 Signed *

l-i

10 1 10 i

10 1 10 1 10 1 10

5 1 5

John Walker Jiv

d'his was a lot description in Heritage Auction #32^^, Lot 1390:

Hiwassee, NC- John Walker 12 ^/ 2 ^ Nov* B, 1B16 One of the greatest pieces of scrip in this
collection, and almost certainly unique. This early issue even boasts a coin vignette in the cen-
ter* Fine, with some tape on the back and on the far left side*

ExccqHs trom article m Jouni/d of Eust Tcuiivme Hhtoiy, No. 62, 1990,
‘"Cherokee Ferry Crossings” by Tony Holmes (http://ww\v.rootsvveb*com
to I n c m i Ji n/ die r- Fy-C r * h t m 1 )

“John U'alker, Jr* operated a ferry vm the I liwassee river at present day
Ca I h o u n , i n M cM i n n co u 1 1 w as e a r I a s 1806. J o h n wa s a Che r o k e e ch i e f h o
sided with the whites during the Creek AVar* He y as a rich teriy on ner who
had a white father and an Indian mother*

"'In 1819, the United States government granted Whilker two 640-acre
reservations; one included his home and feriy, the other included his grist and
saw jnills* He laid out the town of Calhoun on one of his tracts and retained
several valuable lots* He may have served in the Lighthorse Ciiiard before
AtcMinn County was organized and he was a member of the prestigious
National Council of Thirteen* During the War of 1812, he received a major’s
commission and he was deer jra ted lor his hraven* I le was among the most
influential chiefs representing tribal delegations co Washington, DC,
Pliiladeiphia, and elsewhere. The popular Walker was also one o\ the count)' s
first justice ol the peace and the county's first elected coroner. The organiza-
tional meedng ol the circuit court which organized AlcMinn Count)' was held
in his home.

426

November/December • Whole No. 258 • Paper Money

‘'Hie VViilker family lived, in many respects, a privileged life of gloiy,
fame, riches, and political power. By the late lB30s, however, the family, like so
many others in the Eastern Cherokee nation, had been torn apart by tensions
arising horn the Removal crisis* The area near the old Walker borne was con-
verted in 1838 into a relocation camp. One of the points of cleparture was the
I n cl i a n Age n cy n ea r Wa I k e r ' s (e ny , **

This note is a Tennessee note, but regrettably the coin vignette has
moved it to a non-Teimessee collection. Maybe it will get to return home soon*
I want to thank Paul I lorner and Jerry R, Roughton for initially con-
tacting us with wanting information on this note and for their excellent write up
in Volume 1 No 22 of the Noith Cmvlina Nmnis-matk Sayiplmok of the informa-
tion we found.

Notes Misattributed to Tennessee

Tennessee Rolling Works

you would diink a note titled “Tennessee Rolling Works” would be
from Tennessee ~ WRONG! The Schingoetbe Auction 14 lot number 1901
was a beautiful blue Daniel Hillman and Sons Tennessee Rolling Works
remainder note with a targe vignette of a rolling milt complex.

Killibrew’s hitJ'odm'tJoij to the Resomres of Tennessee (1873) lists Daniel
Hillman as owning three iroji furnaces on foe Cumberland River downstream
of Nashville (Kentuck)^ is dow^nscream of Nashville). Goodspeed’s I-lhtofy of
Siunner CounTy Tennessee (1887) states the Dr. Ed Franklin AID married Miss
Nannie Hillman, daughter of Daniel Elillman, who was Imowii as foe Iron King
of the South, being the most extensive iron manufacturer south of foe Ohio
River, He owuied four large furnaces, one large rolling mill . . .

I thought that it w^as a Tennessee note. It cost me SKIOO + 15%,
which is high for a Tennessee Scrip note. A few days later I found out foe rea-
son. Tom Michael had written foe note up in his blog on auction items to
watch (shown opposite, courtesty of F&W Publications). Here is some infor-
mation Tom found:

“The Internet offered a few references to a D. Hillman & Suns located
in Trigg county Kentucky running a mill under foe name Empire Iron Works,
but I 'til not sure when, or if, this changed to Tennessee Rolling Works, or if
this is even the right D. Hillman & Sons. A quick check of the Hrstofy of Trigg
Connty revealed quite a bit of background on Daniel Hillman, with ties to
Cumberland Furnace, Trigg County and Lyon County. Daniel established a
company which eventually became known as D. Hillman & Bros., so it's a short,
but logical guess that it may have evolved over time into D, Hillman & Sons,
the issuers of this note.” (Tom Michael)

According to Tom’s research, “Daniel Hillman, proprietor of a smelt-

Paper Money * November/December - Whole No. 258

427

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Auction Lot of the Week

Commemorative
Showdown 1

Focus Country

Friday Fix

KP Update

Lots You II Like

News Vou Can Use

Old to New - Book Revievy

Price Change of the Week

Tom’s Inescapable Truths

Tom’s Recommended Film
of the Week

D. Hillman & Sons an Iron Clad Mystery

gaf The next lot to catch my eye tn me upcoming Smythe Schingoethe sale is lot

* 1901- This Obsolete note is denominated at 5 cents, printed in. blue ink and
hosts an oustanding vignette oF the Tennessee Rollmg Works. This ts a large mill scene
which streches over most of this unissued remaider note, making it most attractive to
anyone Interestedl in building vignettes. Also of interest to collectors of Iron Works items
and ofcouTse, a nice item for any Obsolete or Scrip collector. There is a lot of cross appeal
working for this numismatic item,

In addition there is a good deal of mystery to solve. Under the main titEe, a note reads D.
Hillman & Sons, who were the original owners of the rnill, which later seems to have
passed to Ewald Iron Company. The Internet offered a few references to a D. Hillman gi
Sons located in Tngg county Kentucky running a milt under Che name Empire Iron V^orks,
but T’m not sure when, or If, this changed to Tennessee Rolling Works, or if this. Is even
the right D, Hillman & Sons. A quick check of the History of Tngg County revealed quite a
bit of background on Daniel Hiliman, with ties to Cumberland Furnace, Tngg County and
Lyon County, Daniel established a company which eventuall became known as D, Hillman
& Bros-t so it's a short, but logical guess that It may have evolved over time into D.
Hillman & Sons, the issuers of this note

Ewald Iron Company ran at least two mills, one tn St. Louis and one in Louisville. The St.
Louis mill was called Tennessee Rolling Works and was established in 1846. According to
the 1881 buisness directory of St. Louis, the Tennessee Rolling Works was located at 519
North Mam Street near Washington Avenue, though 1 also found an address of SOI North
Second Street. These may be the offices of the company, as I noticed a works location in
Lyons county. The Louisville location was built later in 1869 and originally opened under
the name Kentucky Rolling Mill, later changed to Tennessee Rolling Mills. A third mill
mentioned In one source ran under the name of Tennessee Iron House. Maybe this one
was on the Cumberland^

As you can see, there's plenty of mystery to go around on this note. But I'll leave further
research for the new owner to enjoy after the auction doses on April 9tb

Lots You'll Like

A tmOQS 1 :47:4fl PM (Eastern Daylight T ime. UTC-04:00) Com m ents [0 ]

More Links

ic.AKn

An rntemci bascn
ciQUipany that
provides Rarr United
States CvrrerKy for
the Collecting
Currency Market,

From 1862
series to
present.

Large Size,
Small Size,
Errors,

Nationals and
of course
FANCY SERIAL
NUMBERS.

Providing the
currency market i^^itti
the largest Inventory
of fancy ^ertad
numbers known.

Jt'UJIuJ ':y jVilllL LlUlj

U-S. Coins
U*S. Currency
World Coins
Ancient Coins
Online galcry! GJOCi

Reproduced courtesy of Tom Michael and Krause Publicalions

428

November/December - Whole No. 258 - Paper Money

ing furnace and rolling-mill, . . . He went into businesis with Van Lear at
Cumberland Furnace in Trigg County, Ky Lear owned Cumberland
Furnace in Dickson County, TN),, . . , While engaged at the Empire Furnace,
he built the I^’nlton Furnace in Trigg County, moved the rolling mill from
Nashville to Lyon County (1845 to Eddy vi He (Lyon County) KY according to
Michael Gavin at the Tennessee Civil War National Heritage Area), and put it
up across the river from the Empire Furnace* * * * On the deadi of his partner,
he bought the latteds interest and controlled the business. He afterward took
his Wo brothers as partners, and the firm was known as D. Hillman & Bros*
Me had large commission houses all over the countty, and before the war, built
what is known as Center Furnace, which is now operated by one of his sons; he
also owned a Furnace in Hickman County, Tenn. (1-Ii.vtory ofTiigg Co/nity^
Historka/ and Bhgraphiaiiy eil. WJ I, Perrin, F*A. Battey Pub. Co*, Chicago,
1884* pp. 258-59* [Rock Castle Precinct]

“Ewald Iron Company ran at least two mills, one in St* Louis and one
in Louisville. The St: Louis mill was called Tennessee Rolling Works and was
established in 1846. According to the 1881 buisuess director}^ of Sc* Louis, the
Tennessee Rolling Works was located at 519 North Main Street near
Washington Avenue, though 1 also found an address of 801 North Second
Street. These may be the offices of the company, as I noticed a works location
in Lyons county. The Louisville location was built later in 1869 and originally
opened under the name Kentucky Rolling Alill, later changed to Tennessee
Rolling Mills. A third mill mentioned in one source ran under the name of
Tennessee Iron House. Maybe this one was on the Cumberland?'' (Tom
Michael)

Ewald Iron Company, 941 North Second St*, St. Louis, Mo. Two
mills: Fennessee Rolling W’^orks, at Tennessee Rolling Works P.O., Lyons
County, built in 1846; 9 single puddling hirnaces, 13 knohhiing fires, 7 heating
fiirnaces,2 hammers, and 5 trains of rolls (8, 9, 16, 22, and 26?inch); product,
boiler plate, sheet iron, bar and rod iron, and blooms; annual cap a city', 4,000 net
tons* Tennessee Rolling Mills, ar Louisville, formerly called KenmcW Rolling
Milk built in 1869. (1876 International Exposition)

'Eorn Michael found this advertisement from the 1881 Business
Directory of St. Louis. Tom interpreted that they Ewald ran a I'ennessee
Rolling Works in St. Louis* The advertisement is con Rising and I am not sure
they had a Tennessee Rolling Works in St. Louis. 1 believe the note is a 1870s
vintage. It does not have the warning on circulating medi^
urn* IHiis note rightly belongs to Kentucky* We are going
to leave it in the Tennessee Merchants and Company
Store Scrip book hoping that a true lYnnessee pre-1845
note will someday appear*

Kentiick)' the note is yours.

There were a lot of iron works near the
Tennessee and Cumberland Rivers in Tennessee and
Kentuck)\ A few rare notes are known Irom some ol
them, hut many have no know surviving notes.
Cumberland Furnace in Dickson County Tennessee
issued Scrip notes as late as 1938.

Iron City Furnace

A 3 -cent 1847 Iron City^ Furnace note was in the
Sedman collection, which was the backbone of
Schingoethe's Tennessee scrip. The note did not have a
state, but Charlie believed it was from Iron City
Tennessee* We used a photocopy of the Sedman
Collection as a .starting point lor the Tennessee Work. 1 never noticed that the
note cHlI not have Tennessee on it. Michael Gavin of the Tennessee Ci\dl \A'ar

EWALD IRON COMPANY

Successors io L. P. Ewald & Co.* and D. Hillman &
Sons, Manufacturers of

Tennessee Charcoal Bloom Bar^ Boiler,
Fire Box, Flange, Sheet Iron, Etc,

DEALERS IN

SOMMON IRON, STEELS* WAGON HARDWARE

QUALITY BOILER^PL^^ SPECIALTY,

TENNESSEE ROLLING WORKS,
TENNESSEE IRON HOUSE,
CUMBERLAND RIV ER ST, LOUIS,

OFFICE AND W AREHOUSE:

519 N orth Main Street, near Washington
Ave,

429

Paper Money • November/December • Whole No, 258 —

Important new Aussie reference by Ed & Joanne Dauer

OALMONPLACE BOOKS ARE EVERY\M1ERE
nowadiiys as book publishing has become more democnit-
ic and easier, but Attstniliaij Hist my 190! 2001 .dr

Tbronj^b B/rnkmtes, hyjoiinne luicl Ed Dnucr and John Relit is
certainly no commonplace book!

This may well be the most beautiful paper money book in
recent memor)’. It certainly is among the tofi hnndfuL

Anyone familiar with the Da tiers* com-
panion text Awaiam Hisfofy as Seen Tbrongb
C//rrrwtj (2003), which is this book’s only seri-
ous com petition in the “most beautiful” realm,
will rush to add this new work to their fea-
tured book shelf.

Ed and Joanne Dauer are consummate
collectors. They don’t dabble . . . they go all
the way in areas of their interest. The best
notes in the best condition are painstakingly
assembled. Then — best of all for the rest of
us — they share their sumptuous treasures
between the covers of elaborately crafted
books. This 9”X12” effoiT weighs in at 352
pages.

The book design, layout and graphics
owe much to the efforts ot awaixl- winning graphics tiesigner
Freddy V\"oife of SEW’ Graphics, and the printing efforts of
Super Color in Holl\nvood, F1-. The exquisite go hb tone
bonded-leather binding with slip cover is the craft of Biml-
Tecb Binding Technolog}^ in Nashville.

So much for the superlath es! hfa!

The best is the full and true color illustrations of .some of
the choicest notes available, the colorful historical docunicnta-

tion and ancillary material which provide context to the note
issues themselves. Personal photos and archival material gath-
cred to supplement the collection are also a plus.

In sparing no expense to assemble their colleciions and
present them attractive I Vi the collcctors/authovs create lasting
monuments. Idiis book is no exception.

Earliest items illustrated are c. 1B50s sight drafts ot
Heniy and John Cooke and bank notes of
the Commercial Bank of Tasmania, London
Bank of Australia, LTnion Bank of Australia
and other early financial institutions.

Additional banknotes through the turn
of the centiuy include issues of Bank of New
South Wales, and private scrip of Janies
Burns and Bukkulla Vineyards. Early feder-
ation banknotes, and issues depicting Kings
George and VI and Elizabedi, as well as
private 20th century banknotes are also
detailed.

The authors spend a good deal of time
and ink elaborating on the various persons
and historical events commemorated on
Australian notes in sump tons detail. They
also report on the 1956 and 2000 Olympiads held in .Australia,
and on the Reserve Bank of Australia, established in 1960. Ian
Macfarlane, RBA governor, supplies the book's foreword.

As before, a portion of hook proceeds are being donated
to a scholarship fund at the University of Miami College of
Engineering. For a colorful and tuneful look at the book
eh ee k u u t wv\^v .a u s s i e c u rre ncy , co ni . O rd e rs ea n a Is o be pi a ced
at the w ell site. — Fred Reed *>

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November/December • Whole No. 258 * Paper Money

Na non ill Heritage always said that an 1847 furnace note from Iron Cit}-

did not seem right to him. I should have listened. I won the note in the
Schingoethe Auction No. 14. 1 sent jVIichael a copy of the note and a few min-
utes later I got the following information:

“Iron City Kurnace -- is on Little Neshannock Creek in East
Lackawannock Township, Pennsvdvania. This furnace was built by ^Villiam W.
Wallace of Pittsburgh in 1846, It was a cold blast, steam powered charcoal fur-
nace. In 1865 when it went out of blast it was owned by Wallace and Todd.
.Another account has the furnace built in 1838 and operated until 1856 as the
last iron works in the township. The 15 -foot high remains are collapsed but

several rows of stone and at
least one opening are are still
visible. The interior brick lin-
ing shows at the top of the
pile indicating a quire large
b osh of p o ssi b 1 y 1 0 ' .

‘^Vlichaei Gavin
found this information on the
internet. Further research
found that it was in Mercer
County and there are signifi-
cant differences in the dares
of operation.

Iron City Furnace

"Fry on 1 louse - kejat under the direction of General Bigelow - Cheny
\kdley. Cherry Valley Tennessee and Cherry Valley with manuscript change to
Smithville Tennessee are popular Civil War Change Notes dated januaiy 1863.
Jasper Payne, one of die Deanes of Tennessee Currency gave me a black and
white copy of a Cdieny Valley note dated November 1862 without Tennessee.
Jasper thought it was Tennessee.

We began to doubt diat the note w'as from Tennessee. After numerous
Google searches, w^e found the Triton House from Chert)' \^illey, N\' burned
in 1868.

New York, the note is yours.

In conclusion, it is easy to capture a Maverick note into the wrong
state. I hope this convinees everyone to the true location of these notes.
Sources for this article are found out our website.
http://w'ww'.schafiuetzel .org/ rN_Merchant/TN_CD_Book/in dex. htm
Password SPMC6000. Please visit our website and see if your collection has
notes we do not have listed or better images where needed.

Paper Money • November/December • Whole No. 258

431

Hey Civil War fans, new book details Civil War ID discs

Collectors of Civil \V:ir-eni piiper money Irctjucn dy have
ancillar}^ interests, and now they have an exciting new exonu-
mia reference to consult in building their collections,
.McFarland & Co. has released hlanifia/rm/ Dha
of Uinoo Soidier.'i m the Ch'i! IVar by Larry B,

.Maicr and Joseph W. Stahl

This 2 22 -page, hard-bound volume is both
a guide to this somewhvit ncglectcil series, anti
also provides an illustrated histon^ of the genre.

Nearly 50 different tjpes of Civdl War ID tags
are cataloged. I'he book is heavily illustrated,
offering nearly 400 large, clear jihotographs to
di fferen tia te va ri e ties .

As many readers know, these iden till cation
discs were manufactured privately for sale to
troops by sutlers by the principle ilic sinkers of
the period, including Joseph Merriairi, S.D.

Childs, Frederick B. Smith, Robert Lovett Jr,, and CJcorge H.
Lovett. Most obverses feamre patriotic eagles and shidtU, or
militarj' figures such as generals McClellan, Banks, Grant,
Si gel, Hooker, Sherman, Scott, or George VVashingttni or
Abraham Lincoln. The soldier's identification data xvas
engraved on reverse.

rhese private tD medals were the forerunner of militan -
issued ID tags. “As an iconic symbol of the American GI, the
dog tag has gained considerable cultural recognition,^ Maier
and Stahl write. “I1iis hook returns to the origins
t>f the dog tag with an in-depth look at all 49
styles,”

In addition to a c'atalog and gencnii histoiy ,
the authors provide military career details for
dozens of issued ID discs, and a census of 615
known specimens by t>pe. Rarities are gdven based
on the census results, “The issue of price can be
controversial,” they caution. Breakouts of known
pieces by unit and style of disc are listed. The
work also provides a chapter on ID disc authenti-
cation.

Authors Maier and Stahl are Civil War inter-
preters. They pack their volume w'ith a great deal
of historical research, provide extensive and interesting end
notes, a lengthy bibliography, and a detailed index. The fore-
word is by Civil W^ar historian Edward Bearss.

'iliis work is highly recommended. List price is S55.
Ordei’s can be placed toll free at 1-800-253-2187, or via the
publishers web sire w^vw.mcfarlandpub,coin, — Fred Rceef *>

Identinealion Discs
of Union Soldieis
in I ho Chil War

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432

November/December - Whole No. 258 • Paper Money

P ICTURING

P RESIDENT

Lincoln

By Barbara A. Bither

Introduction

Figure 1 - ''The First Reading of the
Emancipation Proclamation before the
Cabinet'' painted by Francis Bicknell
Carpenter, engraved by A*H. Ritchie.
(Source: Library of Congress Prints and
Photographs Division Washington,
D.C., LC^DlG^pga-02502)

P RESIDENT' ABRAI lAM LINCOLN llAS APPEARED ON A
niiiiilier ol tiaces since the United Smtes Government begun issuing
paper currency, anti a variety ol' pl'iotogniphs by more dian one pho^
lografiher have been used as models. But, one sitting by Lincoln in
one day %vith one photographer is worthy of particular discussion.

On P'ehruary 9, I8b4, President Abraham Lincoln sat for his portrait at Mathew
Brady's plrutogTaphic studio in Washington, DC, During the sitting, at least
seven different poses were taken by Anthony Berger, one of Brady’s photogra-
phers. The photographs taken were intended for use by the artist Francis
Bicknell Carpenter in his [tainting depicting Lincoln and his Cabinet during the
first reading of the Emancipation Proclamation.

Paper Money • November/December • Whole No. 258

433

A year and a half earlier, the Union Army's victon* over Confederate
forces at the Battle of Antietani, MD had provided the occasion President
Lincoln needed to issue the Emancipation Proclamation. Ehe tide of die Civil
War was turning, and the Lhiion looked strong and confident in its struggle
against the vSouth. On September 22, 1862, Lincoln read die proclamation to
his Cabinet, Freedom for slaves in the rebellious States would occur on Januar)^
I, 1863.

Figure 2 - Portrait of Francis Bicknell
Carpenter from daguerreotype. (Source:
Library of Congress Prints and Photographs
Division Washington^ D.C., LC-USZ62-
110748)

In a slim monograph entitled, Six AMonth at the IVbite Hofm% Francis
Bicknell Carpenter relates that, a year after the proclaniiUion, he sought out the
President in order to '“^paint a picture which should commemorate this new
epoch in dte histoiy of Liberty^.,.” For Carpenter, it “was a dream which cook
form and shape in my mind towards the close of the year 1863, — the year made
memorable in its dawn by the issue of the final decree.” By the summer of
1864, after living six months with the President, the artist had finished his
painting, thus memorializing both the Emancipation Proclamation and Berger^s
photography session when Carpenter's work was unveiled to the public. It was
temporarily displayed in the East Room of the WTiite House for the general
public. Today, the painting can be seen in the U.S. Capitol. In 1901, George
F.C. Smillie engraved for the Bureau of Engraving and Printing a rendition of
Carpenter’s painting.

In 1869, Anthony Berger's photography session with Lincoln took on
even greater importance when an engraved portrait of Lincoln, based on one of
the photographs taken that day, was used for the face of a $100 Legal Tender
note. 'Fhe portrait was done by the Scottish-born engraver Charles K. Burt. By
the i860s, Burt, who had been employed by various private bank note firms
since 1836, was working as a contract picture engraver for the Treasury’s

434

NovemberyDecember ■ Whole No. 258 • Paper Money

Figure 3 - Portrait of Abraliam Lincoln. (Source: Library of Congress Prints and Photograplis
Division Washington, D.C., LC-USP6-241 5-A)

t{^^@li>nii 34iJ3i*tJ ig l

Figure 4 - $100 United States Note, Series of T 869

Paper Money - November/December • Whoie No. 258

435

Figure 5 - $S Federal Reserve Note, Series of 1 928

Cun’ency Bureau, the first name lor the Bureau of Engravinjr and Priming.
Considered excellent at his profession, his 3/4 view of Lincoln was selected for
the face of the $100 United States Note, Series 1869. Burt’s engraving
remained in use on other large-sized notes until 1928 when currency was
reduced to the smaller size* His image was retained and appeared on the $5
notes* For the next 71 years, this engraving was well known to everyone who
handled a $5 bill until 1999 when the portraits on United States eurrency were
enlarged*

In 1881, once again a Burt-engraved portrait of Lincoln was chosen
for the S500 Gold Certificate, Series 1882. Again Burt had selected as his
design source one of the photographs taken by Berger on February 9, 1864*
This likeness, however, show^ed Lincoln’s body 3/4 to the left with his head to
die right* With the change in currency design in 1996, interestingly, this same
photograph of Lincoln was chosen to appear on the $5 Federal Resen e Note,
Series 1999, William S* Flcishell, III, engraved the 1998 portrait.

Figure G - Portrait of Abraham Lincoln.
(Source; Still Picture Records Section^
Special Media Archives Services Division
(NWCS-S)^ National Archives and Records
Administration, 1 t1-B-424b)

436

November/December • Whole No, 258 - Paper Money

Figure 7 “ $500 Cold Certificate^ Series of 1 922

Figure 8 ^ $5 Federal Reserve Note, Series of 1999

Figure 9 - $5 Federal Reserve Note, Series of 2006

Willi the issue of the $5 Fedeml Reserve Note, Series 2006, the same
Anthony Berger photogi'iiph of President Abraham Lincoln graces the face of
the note once more through FleishelTs engraving, but with the shoulders
added to the portrait following the trend of the NexGen notes. Thus contin-
ues, in 2008, the visual legacy of the Civil War President dirough the 1864
photographs of Anthony Berger.

+ The exhibits in the Buremi of Engraving and Pt^in tinges DC and Western
Curj'ency Facility Visitor Centei^s and this paper whicb is based on the
exhibits were prepared under contract with Bythei\ Managing Collect ion Sj
LLC, for the Historical Resource Center^ an office within the Public Se^^vice
Division of the BnreaiPs Office of External Relations, <*

Paper Money • November/December • Whole No. 258

UNfTED STATES StalBjnGnl of Owrarahip. Manugnmarit. nnd Clfcuiation

POnau^ {Alt P&riiodkiak PubtreGtlons Except Roquostor FubtlicatJona.||

TI?l]T'lil-/ML> iLiUf

S^P•c!7^

.Cecc ^ L /fnef^UfiL . £>^1

k^aoIEA r« > ■■ ^> ■1111 m sbw r*cti *i^^*T*iiu»re>ivA»ii ^

Ciliitifi^ cji f^t fi r?"d

/>MT»7yw, txlki.TX ■?rn‘i nil

■ - - jj F»** M Ul*»»iqi tiKT* la.'' -uf Oh

Frt'3

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rum uh

rMnu

Kiiiini jUWriM

n Ouwi h«niitv4m. lod ChiA ^«upt rtw ^

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437

Buyim;

Carl Bombara

Sell ins

United States Currency

P.O. Bo* 524 _ J-.

i Now York. M.y. 101 16-0S24 my>KV

Phone 212 989-9108

HIGGINS MUSEUM

1507 Sanborn Ave. • Box 258

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MUSEUM Open: Tuesday-Sunday 11 to 5

Open from mid-May thru mid-September

History of National Banking & Bank Notes

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You are invited to visit our web page

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TIM KYZIVAT

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November/December - Whole No. 258 * Paper Money

438

Many nations commemorate
authors on their paper money

A NUMBER OF COUNIRIES HA\T. RFCOCiNIZFD
their authors and poets on their paper money; what foh
lows is a select list. This is a ^ood sijl>ject for an exhihit at your
local coin club or coin and currency show. Recent notes Ixom
Austria, Great Britain, Ireland and Scotland are available tor a
fraction above htce value from the interna tional departments
of some banks in major cities. All the notes mcntiimetl here
are available from dealers in world currency. Each note will
cost less if yon will settle for a note in less than perfect condi-
tion.

A portrait of Miguel do Cervantes ( 1.^47- lbl6) is on the
100 pesetas, P76 from Spain. On the hack is a scene fn>m his
most pt^piilar work, Don Q/fixon\

As you know, this subject was
transformed into the musical
and movie The Mnn hi mi Ln
Mniubff. To accompany this
note you should purchase the 1
peseta, P141 with a portrait of
Don Quixote. The notes will
cost about S5 and S 1 respective-
ly.

Charles Dickens (1812-
1870) is one of England's most
famous writers, A Christ ntf/i'

Cnro/, Dfreiii Copperfieiil and
Sicholns Nick/ehy reflect his
childhood of povernc His por-
trait is on £10 notes. PI 40 ik
Pi 43. Each note has a face value
of about S 1 6.

T h e fa i r y tales of 1 1 a n s
Christian Andersen (]80.s-lH75)
continue to appeal to children and iulults. Like libekens,
Andersen came from a poveriy-stricken background, and suf-
fered rejection for his early writing. The Danish author of 7 he
Little Mefjnnnl And The Ugly DmkHng is on a ! 0 knrner, 1^44.
This note should cost about S7.

One of the most successful musicals is based on Les
Misernhlci\ a novel we all read in high school by \'ictor I lugo
(1802-1885). "Ehis authtjr enjovetl some privileges, neverthe-
less, he became a revolutionary and this is reflected in his nfjv-
ds. The French 5 francs, P73 with bis portrait in very ftne

condition slKnild cost about S6.

.As 1 write this, it is the 55th aimiversar)’ of the death of
the famous Irish novelist James Joyce (1882-1041). lie spent
most of his life in exile. The Irish Republic honored Joyce by
placing his portrait on a £1(1 note, 1^76; the face value is about
SH.

Another anniversary is celebrated this yean the 200th
anniversary of the death of Robert Burns (1750-1706). T his
poet, the voice of Scotland, is known to all for ComiiT Thro' the
Rye anti the words to the song we all siitg on New' Yea]’'s Eve,
Anhi Lnng Syne, The face value of the £5 note, P2I2 with his
portrait is abr)ut S8.

Friedrich von Schiller (1759-1805) is not a name familiar
to all. Jlowcxer, most of us have at one time or another heard
his Otie to Joy. Flis text was used for the final Jiiovement of
ihcthozH'i/s 9tb Symphony. In 1975 the German Democratic
Republic, formerly East CTcrma ny, placed his portrait on 20
marks, P29. A note in acceptable condition should cost less
than Si 2.

Robert Louis Stevenson (1850-1894), is a name familiar
to ev'eryone few Tren.u/re hlnml and 77;r Stmoge Cnse of Dr.
Jeky// mni Mr. iiyde. This British novelist is honored on a £1
note from 41ie Royal Bank of Scotland, This note, issued in
1994 to commemorate his death, should cost no more than S4.

Ferdinand Raimund (1790-1836), Austrian actor and
playwriglit, is not a name heard too often today. He was suc-
cessful and pnasperoiis, nevertheless he, like some successful
creative people, was often despontient and at times paranoid,
dlie 50 schilling, PI 45 with his portrait will cost about S9.

Everyone has heard of playwright \\4lliam Shakespeare
( 1 .364“ 161 6). Unfortunately the British £20 note, Pl.H on

tion.

Roman philosopher and dramatist Lucius Annaeus Seneca
(3 B.C,-65 A.D,) is knemn for his nine tragedies, the most
popular Mvilen. :\ 5 pesetas, PI 34 Iroiii Spain with his portrait
will cost a 1 lout S6.

(Copyright stoty reprinted hy perntission fivm Coin IVorhi,
November 2S, I997.j ❖

Irish novelist lames Joyce appears on a £10 note

which his image appears will cost about S3() in verv fine condi-

Paper Money * November/December • Whole No. 258

439

Letter to the Editor

Dear Fred,

1 have had a chance to glance through the issue oi'
Paper Money with Forrest's War of 1812 article, and my
thank yoo the other clay seems quite inadequate. On
behalf of the Daniel family, let me say how grateful we
are for all your efforts in getting Forrest manuscript
publishech

We too, were aware of all the obstacles that Forrest
faced and his great frustration with all the circum-
stances that surrounded the project, some that were out
of his controL We however, did not possess the back-
ground needed to assist him and his health did not
alw^a^^s allow him the freedom to continue. As you know,
he was very passionate about his work, down to the point
that it defined who he was.

Your "Back Page’ article brought tears to niy eyes:
The fact that you would continue his work when it would
have been all too easy to just let it go. 1 would also like to
extend our gratitude to those organizations and individu-
als who so kindly shared their documents in order for
this manuscript to he published, I can assure you,
Forrest would be very pleased.

1 would like to reference the article you wrote about
the contributions Forrest made to SFMC on page 353.
We are pleased, and think Forrest would be too, that you
were chosen as the first recipient of the Forrest Daniel
Literary Award. Our congratulations to you.

With our sincere gratitude,

— The Daniel Family *>

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MYLAR D® CURRENCY HOLDERS
PRICED AS FOLLOWS
BANK NOTE AND CHECK HOLDERS

SIZE

INCHES

100

500

1000

Fractional

4-3/4’* X 2-1/4'

S22.50

$40,50

S180.00

8320.00

Coionlai

5-1/2-x 3-1/16"

S23.00

$42 00

S19S.OO

$350.00

Small Currency

6-5/6" X 2-7/8'

$23.50

$46.00

S200.00

$375,00

Large Currency

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$26.50

$49.50

8220.00

34 10. DO

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$29,00

$53.00

S250.00

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Foreign Currency

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$33.00

SSO.OO

$275.00

$485.00

Checks

9-5/0 X4-1/4* S33.00 mOO

SHEET HOLDERS

S275.00

S48500

SIZE

Obsolete Sheet

INCHES

100

250

End Open
National Sheet

8-3/4" X 14-1/2"

$20 00

888 00

S154 00

$358.00

Side Open

Stock Certificate

8-1/2" X 17-1/2"

$21,00

$93.00

S165.00

$380-00

End Open

Map & Bond Size

9-1/2'x 12-1/2"

$19.00

883.00

$150.00

$345.00

End Open

18"x24"

$77,00

S345.00

S625.O0

$1425.00

You may assort note holders tor best price ^mEn. 50 pcs. one size). You may
assort sbeoi holders for besl price {min. 10 pcs. one size),

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November/December * Whole No. 258 • Paper Money

440

Redeemed Postal Notes: Great Rarities

By Charles Surasky

M odern coij.ectors of u.s. post^\l notes KNO\^■

about radcy - both absolute and relative. They knov^ fewer than
2,00(1* have sun'ivetl for a growing number of 21st Centur}^ co!-
lectors, d hey know that this small number makes these interest-
ing successors to our nation’s fi^actional currency absolutely rare. Serious col-
lectors know the comparative scarciy of the major design T\^)es wathin the 12-
year series.

Experienced Postal Note collectors know' Types I and V, the first and
last designs in the series, are thought of as “common'’ (though new collectors
will quickly discover they are anything but), T\^es II, IT A, and I\^ are, based on
the number of reported sunnvors and their frequency of appearance, decidedly
“scarcer,” T\q3e III notes, issued and saved in extremely limited quantities, are
the rarest design.

Yet there is one kind ol Postal Note that is much rarer than a T\yie IIL
It is so rare chat most collectors aren’t even aware they exist. Ironically, they
shouldn’t! PIl introduce and discuss these ultra-rare notes shortly, but first
here's some background on this fascinating series.

Postal Note Background

'koefay’s American has numerous w'ays to safely deliver money to a dis-
tant location. We can write and send a personal check, purchase and mail a
money order or cashier’s check, or employ an electronic transfer sendee. We
can even use a credit card. But sending fiinds to a faraway place wasn’t aUvays so
convenient “ or so secure.

For most of our nation’s first centun% sending money to a distant bank,
company, or relative was difficult, time-consuming, and relatively expensive.
"Ehose drawdxicks led to the widespread sending of cash ““ state- chartered bank
notes and federally issued coins — through the mails. Unfortunately, this
method of transmission was NOT safe, as mail theft %vas all too common.

Our nation’s first wd despread use of a federally- issued paper currency-
began in 1861, The public’s anxieu' that preceded and foIloAved the outbreak of
the Civil War at South Carolina’s Fort Sumter on April 12, 1861, led to wide-
spread hoarding of all gold, silver, and copper coins in circulation. With the
nation’s commerce at a virtual standstill for lack of “specie,” the Treasury
Department issued “temporary'” paper replacements for the full-bodied coins
mandated by the Constitution. The Treasury issued $50 million worth of
Demand Notes, produced for the government by the American Bank Note
Company, with face values from five to 20 dollars. (An additional $10 million
worth of Demand Notes was issued in 1862.)

In 1862, to supplement die Demand Notes in circulation, the Treasuiy
began issuing United States (Legal Tender) Notes with face values of $5 to
$1,000, These notes helped alleviate governmental and public need for curren-
cy, bur did nothing to ease the economy’s dire need for circulating “change.” To
fill the demand, Congress monetized postage stamps. Additionally, merchants
and entrepreneurs produced and/or employed a variety of moaetar}^ substimtes.
A few of the many imaginative items included store cards, tokens (sometimes
called “copperheads”), and postage stamps encased in a variety of holders.

The government, to meet the Union’s wartime (and later
Reconstruction -era) need for small denomination money, issued smalTsized
low-denomination notes known as Postage Currency and Fractional Currency.

Paper Money ■ November/December • Whole No. 258

441

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442

November/December * Whole No. 258 * Paper Money

Produced viirious times by the Americiin Bank Note Company, three addi-
tional private Iranknote companies, and the Bureau oi Engraving and Printing,
their face values ranged from three to 50 cents. For a varien^ of reasons, includ-
ing the growing problem of counterfeiting, die notes were
issued in five series and numerous designs* These small
notes were popularly used to send a siiiail sum to a distant
relative (jr business.

In the niid-1870s, the nation's personal, commer-
cial, and governmental coffers began enjoying a renewed
How of coinage denominations -- some no longer being
issued by our mints — ranging from the tiny three cent sil-
ver to the mighw $20 gold* The narional emergency and its
monetary aftermath had finally ended and the circulating of
U*S* paper money with face values below one dollar was dis-
continued. (In 14 years of production, the Treasuiy issued
some $368,7 million worth of these popular notes.)

Despite the end of the w^ar, the reunification of the
nation, and the strengtlieiiing of die nation's banking sys-
tem, die prol)iem of sending a small amount of money to a
faraway place remain ed. Americans continued sending paper
money through the mail, keeping thie^-es busy and happy*
4 he public's outcry over their losses led to the search tor a
successor to the popular Fractional and Postage Currency.

Postal Notes Introduced

Fractional Currency notes issued and

circulated from 1862 to 1876 by our A substitute tor the diree- to 50-cent circulating paper notes was first

Treasury Department. considered in 1 875, The government knew issue of Fractional Currency — and

its w idespread use as a way to send small sums through the mail — w as about to
end* ^Yasliington wanted the replacement notes to be convenient to obtain, easy
to use, and designed to fit into a letter-sized envelope. Furthermore, it decided
the replacement shoulcl he engraved and printed on banknote paper, with effec-
tive guards against counterfeiting, theft, and fiaudulenr re-use.

Chart 1

How To Identify A Postal Note's Type

CoiTipimy

Identifying

Type

& Coiiti'act

C h a racteri $ ti c(s)

Type T

Homer Lee

I883-B7

Yellow banknote paper (Crane & Co,
provided all Postal Note security paper)

Type 11

Homer Lee

Wliite banknote paper and handwritten pay^ing city

Type rt-A

Homer Lee

WHiite banknote paper and “Any Money Order
Office” rubber-stamped or hand -written on
payong city line

Type III

Homer Lee

“*Any Money Order Office” engraved in
straight line

T)pe

ABNCo

1887-91

American Bank Note Co. in lower face design

Type V

Dunlap & C4arkc
189D94

Dunlap & Clarke in lower face design*

The Postal Notes of 1883-1894 are the
direct descendents of the Postage and

Paper Money • November/December * Whole No. 258

443

TVCBOM,

. C ters S rivie n A ■ ^

asirMS^ payable

■ ^^ITed sTAf^- * |

t srm£- ^Oif£r-^£^£if

fiA ihra i^EAiisk, a rA^rr/Jit^/Ttf/^ Mo/ms '

Type \ : The nation's first Postal
Note design was issued on yellow
paper. All subsequent designs were
issued on white paper and in a
reduced size.

rhe government’s smcly and the public’s neetl led to the creation and
release of die United States Postal Note In 1883. They were issueti and cashed by
the nation’s post offices in two si/.es, on two different Crane & Co, security
papers, in five major designs. Outside vendors produced the notes during three
four^year contracts: Homer Lee Bank Note Co,, American Bank Note Co., and
Dunlap & Clarke,

Tw'o major and related reasons explain why I\istal Notes were issued
and cashed in post offices. First, unlike private banks, totJ many cjf which had a
long history^ of nefarious circulation of monetar\" instruments, the public trusted
the Federal post office and its financial strength. Second, post offices existed and
operated in virtually cveiy population center, d'hat made Postal Notes both easy
to acquire and easy to cash, (For additional background and technical informa'
rion, consult the resources listed at the end of this article.)

W'idespread puhliciy stimulated public demand at the introduction of
Postal Notes on September 3, 1883. The same was true as the series approached
its final day of issue on June 30, 1894. The extraordinary number of notes
acquired on and near these milestone dates made Types I and today's most fre-
quently seen examples. Types II, II-A ami IV, i.ssued without public notice, are
decidedly scarcer. Type 111 was designed, engraved, and printed by the Homer
Lee Bank Note Company in New York City at the end of its contract. Issued
only for a short time, and only in a limited number of locations. Type III notes
are the rarities of the series.

Of the 70,824,173 Postal Notes issued, fewer than 2,000 have survived.^

444

November/December ■ Whole No. 258 - Paper Money

Type 11. Worcester #l l,6t3 is a Type tl
Postal Note* Observe the star in the lower
right on face has been "punched out" indi-
cating the 25-cent note has been cashed.

The left circle on back features the dated
stamp of the issuing office, while the right
circle features the eight-sided official stamp
of the cashing office in Hampton, New
Hampshire.

fayafalE in Ihe llnitEd Slales mk

u/DJtsfersf f 1 / /

WiU psy to Be^er wMtjr0/Be months fwm tpp tost

of the fii a nth of iosus, ""*/

I J ■

Ihts No t^ts mso paysbto a/'oN/cs dfjls ^
pariad. ff tost an tfostm^’d no
Roceivsd tho ob.0}m'‘NinQiint.

That*s about one survivor for each 35,400 issued. The accompanying table
shows die rarity of each T}^ie. With only 36 examples known, Type III Postal
Notes are relative and absolute rarities.

Redeemed Postal Notes: How Rare?

So what kind of Postal Note could be rarer than a Tjqae Illr The vast
majoriw of the 70*8 million notes M'ere issued, used as intended, cashed, and
destroyed* Oi the fewer than 2,000 sundvors, only a handful of redeemed notes
-- nutes drat were cashed hut not destroyed — are available for today’s collec-
tors.

How could a redeemed Postal Note, which was created to be used,
cashed, and destroyed, survive for 21st centurv^ collectors? There are three
ways:

(1) The cashing post office could return the note to the presenter in error*
This could have happened during a design’s inaugural period, or in a
newTy-estahlished or new^ly-authorized Postal Note-issuing office*

An oversight like this would lead to an immediate problem for that
office. Without delivering the cashed note to the appropriate Washington, D.C.
accounting department, the office’s official account could not be reimbursed by
the government.

Paper Money • November/December - Whole No. 256

445

1. . - ■ : r"' !.' - '" !' ■■

.' In,

ForUssIhan Five llDllars FaysttlB in the linilad Slale; dtily

T/re fbs/masfer a/ ]

AAfy hfONKY ORDER O FFt C E I

Wi)} pay to BBarer within thnnn owntt/s thn tnst day

of thd month of issos.

.OoHars.,

.1 i’.rvn?io I

/f tost/ff^sFoyffd flh do/tinafn c^n hs iasued.
Rscsivod Ths at aye amount

'^m>\

Cal DUfgnfTFil:»a'>Aiq
Tins yflTK J J

H^ ^» 5 n'. 1 LLTfOrc]

!*K

Type 111, Homer Lee's Type 111 Postal Notes
were only issued by a small number of loca-
tions and only for a short time* This design
is the scarcest of the series.

(2) The note could be stolen after being cashed^ iind prior to destruction.
W^e know mail the ft was a serious problem in die 1880s and 1890s (the
train and stagecoach robberies in TToIftnvaod’s movies were based on
real events). .Arid we know die issuing auiiiorides designed Postal Notes
to be impossible to cash more than once* Thus, if a chief acquired a
cashed Postal Note, it w^as valueless.

If I w^re a mail thief in that era and I found cashed Postal Notes among
my “loot/’ rd burn them with the rest of the non-cash evidence of my w roiigdo*
ing* Still, it is possible that a small number of cashed notes sun ived because one
or more mail diieves did not destro)^ them.

(3) The note could have been accidentally “lost” in the cashing office* The
vast majority' of Postal Notes were issLied and ultimately destroyed as
required by law * But it is reasonable to believe that a tiny number w ere
accidentally misplaced, dropped behind a heavy safe, or otherwise “lost”
after being cashed* These lost notes could have been found decades
later* Some of the “found” notes were no doubt sent to Washington;
others were saved as interesting and historic h{5mctQwm collectibles.

446

November/December • Whole No. 258 • Paper Money

Type IV. American Bank Note was awarded
the second four-year Postal Note production
contract. Their design^, called Type tV by
collectors^ was created by T.F. Morris.

Type V, Dunlap & Clarke of Philadelphia
supplied Postal Notes during the third con-
tract period. Widespread publicity induced
collectors to obtain and save numerous
'"Last Day" examples.

How Many Known Sui^wors?

Consider Worcester, Massachusetxs Postal Note #11,613 (see Figures
1-2), It*s a Wpical Ty]7e II note, desig^ned, engraved and printed by the Homer
Lee Bank Note Coinpany. Issued on Tuesday, June 30, 1885, with a face value
of 25 cents, it etmld only be cashed in Hampton, New Hampshire, a town 67
miles away. This in Forma don is confirmed by hand-written, hand-stamped, or
hand-punched indicators on the Front oF the note. Look at the back of the note
and youJl see the issuing oFfice and date of issue is also stamped in the leh circle
(pre-printed with “DATED ST.AMP OF ISSUING OFFICE.").

Worcester #11,6 1 3 is uqiieal of the 122 T\^e II notes that have sur-
vived for modern collectors - with one significant exception: this note was pre-
se n te d a n d ca sh ed o n VU u I's tlay , j u [y ^ 1885.

To prevent liraud, each Type IT Postal Note includes two design ele-
ments that indicate the note has been cashed. The first is on the back. Look at
the right circle Featuring the inscription “[3ATED STAMP OF PAYING
OFFICE”. It hears the elated scamp oF the Hampton, KYnv Hampshire office.
The second design element is below the Fee shield on the front right sector of
the note. Observe that the star has been punched in the area with the instruction
“PAVING POSTM ASTER MUST PUNCH OVT Id I IS STAR CAN-
CELLING THIS NOTE”. This is a clever and positive method to insure a
note could be cashed only once.

How many cashed Postal Notes exist fi'om the 1 883 to 1894 crar I have

i ■ XT xi <J f .

IK9

Bit Less lhan Ftve Oollan . Payable in ilii Uiil Ecd 51a E£s ^

wiu. J‘.vvTinirAi{F:iE ^vitbin ni^im fi'ain thei;

tki.'^nfllii' mem 111 111' lnnm* ."X

IflllHi CUrflu.Hll'ilVGlJ .

('Ivi'U Uii!^ iihiiw' iiTtifPtttit.

f-i*

T^^orrid:

^ r Lsss Ilian Fivg Dollars . Payable m Eh b U nil eil Sidles an [y.

Wir.l, I'Al' Ttl ^Vlllibi. birt-o iiiohUln; IVinil Ihi^ iasl

iliiy f^nlii* iiifiitlli nf

IrinSl iPi'rli'sEi'CPvnl ilt
IHi' ilbim!

Paper Money * November/December • Whole No. 258

447

On This Date in Paper Money History ™ Nov* 2008

By Fred Reed ®

Nov* 1

1 709, Nesv York paper money issued as amoun!? of slerling silver, eJipressed in
denominations of Dutch lion ctollars; 1873, Car|>etl]agger grjvernmeni ai Mohjie,
Alabama, circulates municipal scrip;

Nov. 2

1776, Continental Congress approves issue of additional fractional notes, hut hills not
emitted; 1841, Day's iVetv York Btmk Note List gives notes of the non-existent
Machias, ME bank a fine rating;

Nov, 3

1794, poet and member of the Numismatic and Antiquarian Society of Hhtladelphia
VVilliarrt Cullen Brx'ant Ixim; 1930, Bank of Italy hE?comDs Bank of America;

Nov* 4

1975, ,'Veiv York Times repris as "too radical" proposals to replace Thojnas lefferson
on the S2 bill with Susan B. Anihnnv ; 198(1, SPMC rejects instituting grading stan-
dards;

Nov, 5

1 B73, BEP engraver john Eissler horn: 1935. Parker Brothers first markets Mono|X)Jy on
broad scale; 1965, Lester Merkin sells Arnold Perl's Colonial |>aper money;

Nov. 6

1841, Rl Senator Nelson VV, Acfrich, co-author of Aldrich-Vreeland naticmal curreiic>'
act, born: 1872, Lfnion general George Meade i.FP 379a-d.i dies:

Nov. 7

1780. General Francis Marion confronts Colonel Banasire TarJeton at Richbourg's
MitI, SC as depicted on Confoderaie SI 00 note, 2000. Bank of England issues new 10-
pound note u-ith portrait of Charles Darwin an hack;

Nov. 8

1862. Bangor. ME merchant Samuel Veazie issues scri|j that leads to Supreme Court
case that will uphold 10% Federal la\ on such bills: 2000, International Monetaiy
Fund hosts forum "One World, One Currency: Destination nr Delusion C;

Nov. 9

1942, SPMC menii>er Robert McCabe born: 1971, Last deliver^' of Series l%9 SI 00
FRN, 1994: j.S.G. Boggs paper money exhibit opens at University of Pittsburgh;

Nov, 1 0

1796, Money and banking historian William Gouge born: 1853. Upham and Russell,
Menas ba VVI issue "Change Tickets": 1988, Gene Messier releases .4n rated
History oi US. loam:

Nov. 11

1820, encased stamp issuer Boston pharmacist loseph Burnell born: 1869, Treasury
Secretary Robert Walker (FR 1308-1309) dies; 1 988, SPMC board okays insertion of a
membership brochure in Bank Note Reporter;

Nov* 12

1864. Richmond Tmminer rqxirts CSA Treasury Secretary George Trenbolm's finance
report of Nov. 7th: 1895^ encased stamp issuer Chicagoan John B, Drake dies;

Nov. 13

1862, Asst. U.S. Treasurer |ohn Cisco issues permiis limiting purchases of Postage
Currenev: 1930, AN S headquarters expansion forma I tv opened:

Nov, 14

1881. Charles I Folger takes office as Treasury Secretary : 198.5, SPMC sponsors a
paper money show at Cherrx- Hill, N] with Bill Florton as general chairman:

Historically sinco 1933,
the largest purchaser
of rare American paper
currency . . . CALL.

888-8KAGINS

Nov. 15

1637, Massachusetts General Court sets legal tender value of wani|ium al six/ pennv;
1883, Charles F. Libbie and Co. sells Fergusson Haines collection of CSA notes;

Nov. 16

1914, Nav York Federal Reserve Bank opens for business, receives S I 00 million from
member hanks and firsi shipment of FRNs; 1985, Larry Adams reelected SPMC
President; 1985, SPMC Board approves 25-year meml>ership pins;

Nov. 17

1846. Arkansas state legislature ratifies constitutional amendment prohibiling commer-
cial banks within slate; 1943, Iasi delivery of Series 1934 StOfKI FRNs:

Nov, 18

1 776, Continental Congress creates United Stales Lotler\^ to draw in Conlinentaf
Currency and fund military' expenses; 2005, self-descrSbed a I he i si Dr, Michael
Kewdow sues U.S, to remove "'In Cod We Trust" from U.S. coins and fMper monev;
Nov. 19

1831, President james A. Garfield, who said Avhoever controls the volume of mone\
is absolute masierT hom; 1960, Sodetv of Medal, Token and Obsolete Paper Monev
(TAMS I organized:

Nov, 20

1861. Merchants Bank, Trertion, NJ issues fi5t bank notes ith image of current
Prc'sidenl Abraham Lincoln: 1865, Neu York Jmm reports seizure of S50 grand in
counterferl 50-cent Postal Currency:

Nov. 21

1814, NVC Common Council approves additional issue of S25.00n in small change
bills; 1872, New York Times reprts on counterfeit Union Pacific Railroad Bonds:

Nov. 22

1864, CSA Senaie confirms nomination of George A. Trenholm as Secretary' of the
Treasury-': 1964, money and banking author Arthur Nusshaum dies:

Nov. 23

1730, General William Moultrie, who appears on South Carolina notes, born; 1956,
auctioneer Abe Kosoff sells William P; Don Ion paper money collection;

Nov. 24

1 862. S.H. Freeland, Carbondale, IL issues scrip 5-, iO-. 25- and 5D-cenEs payable in
gold: 1971, D.B, C(* 0 |>er parachutes from jet aircraft v^'ith 5200,000 ransom;

Nov. 25

1874. Greenback Party {liKlependeni National Party) founded al Indianapolis, IN;

1953. Mpitl Rolhert writes Treasury Secretary G.W. Humphrey to consider placing 'In
God We TrusC on our |ia|>cr money;

Nov. 26

1807, Tennessee Legislature charters Nashville Bank, first in stale: 1963, Treasury
Departmeni announces SI Federal Reserve Notes to replace SI Silver Certificates;

Nov. 27

1802, banker and Banknote Reporter publisher |ohn Thompson born; 1932, SPMC
member and dealer Lowell C, Horwedel born;

Nov. 28

1950. British East Caribl>ean Territories ininxkice dallar-clerHiminated currenev: 2000.
firsl Chinese polvmer note issued:

Nov. 29

1779. Continental Congress authorizes firsl issue of Continental Currency; 1820,
Kentucky legislature establishes Bank of the Commonwealth of Kentucky whollv
owned by the state; 1881, banknote company excutive Tracy R. Edson dies;

Nov* 30

1 870, first National Bank chartered in California <FN Gold Bank San Francisco ’l"4l i;
1996, West African Monetary Agency to issue traveler's checks in a common West
African Unit of Accounts for 1 6 member nations:

448

November/December • Whole No. 258 - Paper Money

Chart 2

Relative Rarity of Postal Note Types
And Their Observed Issuance Period

Reported Examples

Obser\>'ed Issuance Period

1 ype I

44.1

Sept* 3, 1883 to Feb. 26, 1885

Type IT

122

Feb, 16, 1884 to March 10, 1888

Type ITA

Feb. 2, 1887 to Sept. 8, 1888

Type m

Sept* 8, 1887 to June U, 1894

Type TV

146

Jan* 26, 1888 to April 23, 1893

Type V

657

March 21, 1892 to June 30, 1894

Total Known

1,460

Note: Data based on of US. Past/i/ Note.^ m Ca//ectofj Hmids, Seventh Edition (2004)
compiled by James E. Noll* A new edition of die Index will be available later this year.

only seen one - the illustrated note from V\ Worcester, I have also read about
three others - all high value notes, San Francisco #26,729 was issued on
Saturday^ June 12, 1886, with a hice value of $4.20* The Type II note, cashed in
Elkhart, Indiana, was sold in a 2007 auction. The second redeemed note I know
of is from Plainfield, New Jersey* Plainfield #18,235, an example of the series'
final design, w^as issued with a face value of $4 on Thursday, October 27, 1892*
It was cashed on Saturday, Februan^ 25, 1893, in an unknown city* The final
cashed Postal Note Fm aware of was #10,603 issued in Plankinton, South
Dakota for $4.99 on jMarch 10, 1894. This T\^>e V note was cashed on March
1 7th in Fort Pilerd {?), South Dakota.

It is reasonable to suspect that — in addition to these four notes — a
veiy small number of others, almost certainly fewer than 10, exist* Compare tills
number with the number of sundving Type III notes in the nearby chart (36)
and ymu'll know why redeemed Postal Nates are the GREATEST rarities of
this fascinating series*

Conclusion

The Civil War and its economic consequences led to the issuance of the
Demand Notes of 1861, the Legal Tender Notes of 1862-63, and the Postage
Currency^ and Fractional Currency notes issued from 1862 to 1876. d'he direct
descendents of these popularly^-eollected and well-known issues are the Postal
Notes of 1883-1894.

Of the 70.8 million issued and fewer than 2,000 survivors known to
modern collectors, only four cashed Postal Notes have been confirmed. Armed
with the information in this article and the sources listed in the ‘fAdditional
Reading'' section, perhaps you will discover (and report) another cashed Postal
Note in the years ahead.

1 invite you to learn more about die LhS. Postal Notes of 1883*1894 —
cashed and uncashed — an interesting and under-researched area of collecting
and study'.

Paper Money • November/December * Whole No. 258

449

On This Date in Paper Money History — Dec. 2008

By Fred Reed ®

Dec. 1

1837^ Mobile. Alabama issues municipal depression scrip; 1862 Lincoln's messaj^elo
Congress asks ior implementation oi a national bankirtg aci;

Dec. 2

1862^ CSA notes liflh issue: 1878, Comptfoller John k Knox reports on the hisloo of
Nalional Currency: 1932, Barney Btueslone anon ymousK auctions Rdierl H. Lloyd
coin and paper currency collections as "Western New York Consignmenl";

Dec. 3

1877, Conferleraie Registrar Rotiel Tyler dies; 1917, War Savings Stamps placed ort
sale: 1955, Florida United Numismalists formed:

Dec. 4

1869, hundred dollar U.S. noles hearing image of martyred President Abraham
Lincoln released to circulation: 1935, Treasury Secretary Paul O'Neill Ixirn;

Dec. 5

1342, Bank or Louisiana resumes specie payments; 1849, fames King ol William and
lacob R. Snyder establish bank in San Francisco:

Dec. 6

1767, Worthington, OH, scrip issuer E^ra Gris\\old horn; 1364, Lincraln's message to
Congress recommends restricling currency In nalional banking institutions alone:

Dec. 7

1363, CSA Treasury' Secretary C.C. Memminger reports on finances; 1998, Thomas
Ferguson appointed 24 Eh 0EP Director:

Dec. 8

1998, lohn D. Hawke |r sworn in as Comptroller of Currency: 2005, National
NunriEsmatic Collection exhibit "Legendar\' Coins ^ Currency” formal Iv opens at
Smithsonian Institulion Castle;

Dec. 9

1865, New York Stock Exchange moves lo 10 Broad Street: 1871, most gold bonds
securing circulation for Kidder National Gold Bank of Boston srjid:

Dec, 10

1810, stockholders in Bank oi Itie United States petition for renewal of bank's charter;

1864, CSA governrrtenl posts notice in Richmond Inquirer advertising for fctleral
greenbacks:

Dec. 11

1865, Brankiyn Daiiy fag/e reports 2 |3ercenl of all fradional currency received at
Treasurv' Department from "bankers and others deemed experts in jLidging money " is
counierlett; 1955, colledor-phllanlhroplsl Archer M. Huntinglon dies;

Dec. 12

1811, Colonial Currenc\^ engfaver Peter Rushton Maverick dies; 1862, Georgia autho-
rizes 55 million in state treasury notes;

Dec. 13

1864, ex-Treasujy Secretary Salmon P. Chase sworn in as Chief luslicc of the U.S.;
1972, world paper money' authority Dr. Arnold Keller dies:

Dec, 14

1790, Treasury Secretary Hamitlon argues thal Bank of Ihe Uniterl Stales is
Constiluiional in report lo Congress: 1799, George Washington iFR 18-401 dies:

Dec. 15

1 886, first million share day on NYSE; 1923, las! large size currency faces jxinied;
2000, Arri )acol> holds mail bid sale of Fractional Currenc\' vigpettes:

Htstorically since 1938,
the largest purchaser oi
rare American paper
currency . . , CALL
eSB^KAGINS

Dec. 16

1 79Q, Palrick Henrv opjxises a national bink for Ihe United States as Ijeing unconsti-
tutional: 1923, numismatic publisher Chester L. Krause born;

Dec. 17

1360, Congress authorizes SIO million in interest-bearing treasury' notes: 1983, exhibi-
tion of tfomp t’oeit money paintings al New York’s Berry-Hill Galleries closes:

Dec. 13

1778. Kilty fCalherine) Carroll, daughter of Charles Carroll of Carrollton, who appears
on U.S. currency in the vignette of "Washington Resigning His CommissinnT l>om:
1971, U.S. devalues dollar and realigns exchange rates:

Dec. 19

1831, Mississippi charters ComnoerciaJ RR Bank of Vicksburg u ilh note issuing priv-
ileges: 1363, Missouri legislature provides tor redem[3lion of Union Military Bonds:
Dec. 20

1822, Don Aguslin de Iturbide decrees paper money issue, which for the first time in
Mexican history' is denon^inated in "pesos''; 1948, U.S. Treasurer Angela tBayl
Buchanan born;

Dec. 21

1843, U.S. purchases Robert W. Weir's fmijarfcatfon of (he Pfigdms appearing on First
Charter S5D HBN backs (FR 440-451; 1999, first Northern Ireland polymer note;

Dec, 22

1863, Treasury' Secretary' Chase consolidates all counterfeit detection efforts in the
Solicitor of the Treasufy''s Office: 1924, Alvin Flail becomes BEP Direcior:

Dec. 23

1783, General George Washinglon resigns his commission in the Army iFR 465):

1785, paper monev and U.S. Mint Chief Engraver Christian Cobrechl liorn;

Dec. 24

1 776, U.S, Treasurer authorized to hire individuals to sign currency; 1861, CSA
authorizes additional $50 million in treasury' notes. S5 and upwards: 1936, paper
money dealer, ex-SPMC president Dean Oakes born:

Dec. 25

1862, Gl. Cornell issues five-cent scrip "payable in a day or two or perhaps sooneC:
191 1, coin and currency subject Dr. Sun Yal-Sen elected provisional president of
Rq)ublic of Cliina:

Dec. 26

1928, SPMC meml>er joseph E, Noll born: 1941, Japanese Military Yen introduced
into Hr>ng Kong during japanese occupation; 1990, American Society of Check
Collectors incorprated;

Dec. 27

1 306. General Assembly of Kentucky approves an act to establish a state bank to fje
called the Bank of Kentucky; 1857, Numismatic Society of Philadelphia has first meet-
ing:: 1928, Ohio scrip/token expert Gaylord Lipscomb born;

Dec. 28

IB62, U.S. De|>usitaries publish redemption rula for soiled stamps used in change:
1936, Warner Brothers releases Porky Pig animated comedy Milk ancf Money:

Dec. 29

1864, CSA Congress extends funding of notes from ]an. 1 lo july 1 , 1 365. ironically b\
then the war was over 1983, SPMC President Larr\' Adams offers Editorship of Paper
Money id Gene Hessler;

Dec. 30

1829, Senate resolution to study a uniform national currency': 1 333, iMassaduiselts
Colonial Currenev author A.M. Davis born:

Dec* 31

1914, end of Parker-Burke combined tenure as Register and Treasurer: 2009,
Romanian currency conversion period set to end; ***

450

November/December - Whole No. 258 • Paper Money

How Postal Notes Are Collected

Like collectors of National Bank Notes, Postal Note aficiamdos orga-
nize their notes in a wide variety of ways* Despite being restricted by the limited
number of available, collectors have found a surprising variety of ways to orga-
nize their notes. Here are some of the most populai^ (and a brief coinment):

Basic Collections

*Mpha-Omega
By Size
By Paper
By Contract
By Type
By Year

One note each from the first and last designs - a relatively
“easy” collection to compiete.

One Type T (the only “large” notes) and one “smaller”
sized note (Type II through Type V)*

Crane & Co. supplied a yeilovrish paper for T)^e I and a
creamy-white paper for all subsequent issues.

One note from each of the tliree firms that produced PNs
(a natural expansion of the Alp ha -Omega set).

One note of each Type (exceptionally popular with collectors,
yet a very serious challenge).

One note from each year of issuance: 1883 to 1894.

Advanced Collections

By State Imagine building a Postal Note collection with one

representative note from each issuing state or Territory.
(Truely a multi-generational challenge!)

By County One collector is building a collection of notes representing
each county in his home state. (Fortunately he lives in an
Eastern state with few counties and a fair number of notes
reported.)

By Denomination One optimistic collector is trying to assemble a complete set
of values from one to 25 cents, (The challenge of a lifetime.)

1 "Hie exact number of known and reported Postal Notes is an rently h4d0. Howev'Cr, a
dedicated group tji collectors is c<jnstaiitlv recortling newly obsen-ecl notes in an Index of
U.S. Postal Notes. For example, between 1997 and 2004, a total of 501 new notes were
added to rlie group’s iiulex of know n notes - an average of about 63 notes per year.
Using that average, the next liKle.x, available in late 20()8j will report betweeti 1,700 and
1 ,900 known notes.

2 I'he raw data for this article was published in Imkx of U.S. Notes hj Colkctors
i!amh\ Seventh Editwn (2004), a co-operati ve effort started by James E. Noli in 1975. The
intiex is currently compiled hy Peter Aiarciii, who is assembling a new edition. If you
would like CO obtain the update, please contact Mr. Martin at; pinartin2020@aol.com.
Also, if you own any Postal Notes, please support this nonprofit effort by supplying
information about tbeni to the editor.

Additional Reading:

Bruyer, Nichohis, “A Forgotten Chapter: The United States Postal Note.” Pnper
Mottey, #48-51 (Fourth quarter 1973 - May 1974).

Com IVorld AhmimtCj Millennium Edition. SidneVt OH: .Amos Press, 2000, pages
243-244.

Hessler, Gene. I'he Co??/p}rbemive Catalog of U.S. Paper Moneys 5th edition. Port
Clinton, OH: BNR Press, 1992, pages 387-389.
iVIorris, T.F. 11. “'The Life and Work of Thomas F. Morris, 1852-1898.” by

Paper Money - November/December “ Whole No. 258

451

Larchmont, 1968,

XASCA, “The Dr, Joseph Vacai Colleccion" (public aucrion sale) April 27-28,
1981.

Xolh James E, Iihhx of U.S. Postal Notes la Coiiectors llaads, 7th edition.
Escondido, CA, 2004,

Surasky, Charles. Identifying the Postal Notes of IdtS 3 to Id94. El Monte, CA: by
the author, 1985.

Surasky, Charles, “The Mystery of Arkaina, Pennsylvania,” Pennsylvania
Association of Xumisiiiatisrs Cfariony Vo\ 6, No. 3, Issue no, 22,
November 1989.

Syrask\% Charles, “Necessity Births Postal Notes, Monev Orders,” Coin IVor/d,
Dec. 14-28, 1983.

The American Bank Note Company:

http://www,financialhistoi 7 ,org/lli/ 1 995/5 .T I .hcmj
h ttp ://e n . vvi ki pe d i a , o rg/ wild/ Am er i c a n_ B a n k_Note_Co rn pan y ;
h ttp : / / w . p sta . c n 1 n/ a ni e r i ca n ba n kn o te co m pan y , h ti n

“The U,S, Postal Notes of 1883-1894” (http://en,wikipedia.org/

\ v i ki / Pos ta 1 _n o tes )

“The U.S. Postal Notes of 1883-1894,” ANA Libraiy Slide Set #67,

About the Author:

Charles Siirasky has had more than one million words published. He has con-
tributed CO the Guide Book and Handbook of US. Coins, Entyclopedia of Haif Cents,
United States Pattern, Experhnenta! and Trial Pieces, ami The U.S. Rare Coin
Handbook. A member of the Numismatic Literary Guild, and Life Member
#2544 of the ANA, his articles have won numerous awards, Mr. Surasky, a free-
lance numismatic writer, has been researehing and writing about the Postal
Notes of 1883-1894 for more than 30 years. He can l)e contacted at:
csurask\^@aobcom, *1*

New Austrian book covers bank notes since 1 900

OLLECTORS OF W^ORLD
paper money ha\T an excellent new
catalog CO Austrian bank notes since
1900, authored by Johann Kodnur atid
Norhert Kunsmer.

This 200“page* full color catalog
includes helpful English translations of
significant sections to aid the lingualU-
challenged, such as yours truly.

“Austrian bank notes are in great
demand by collectors all over the
world,” the authors write. Graphic
design of the country's large size notes
is a principal appeal. Historical associa-
cions also attract collectors.

Notes iliiistrated are certainly
spectacular. Prices are given in four
grades in euros. A good deal of histori-
cal detail, including biographies of per-
sons illustrated on notes, and biograph-
ical details of note designers arc also
presented.

T he meat of the catalog, of course,
is the type listing of the liank notes
themselves, which is an eye-catching
treat.

The work covers .Austrian notes up
to the last schilling issues, ami includes
previously unlisted variedes. Rarities
are given, based on sales results bfun
more than 1000 auctions, 1 he hook
also prices all post-w ar specimens.

Color illustradons of note npes
are accompanied hy simple, clear
descriptions of design elements on face
and hack, size in millimeters, designers
name, watermarks if present, and inclu-
si ve d a te s o f ei reu 1 a c i on .

Coverage includes notes of the
.Austro-Hungarian Bank, including
ove I p r i n ted va ri e ri es , ami ci pa te li n otes
of the state of Donaustaat, inflation
notes, issues of the .Austrian National
Bank, Reich s- and Reinenbaiik notes,
emergency issues, Allied Military
schillings anti groschen, and Second
Republic issues.

The book is priced at SI 9.90 E
(approx, S29.90 U.S). It is avatiable
from ainazon.de at

http://wvvw.ama7.on.de/Katalog-oster-
reich isehen-Ban knoten- 1 9% 3 r.% 20(H)-

Bew ertu ii gssru fe n/dp/3 2 000 1 1 076/ ref=sr_
1_I H?ie=UTF8S:s=books&qid=12 1 >%3E
%20200009&sr=8H8
or http://www.geldschei n,at/ekata log
— Fred Reed

Katatog der
osterreichischen
Banknoten at i900

452

November/December - Whole No. 258 • Paper Money

An Update on $5 Silver Certificate
Series of 1934C Narrow Faces:
New Data and Information

by Jamie Yakes

I r HAS BEEN A FEW YEARS SINCE PETER HETNTOON FIRST REPORTED ABOLH’ NEW Dis-
coveries in the vvide-to-nurrovv design transitions in 12-subject smiilEsize currency done in the 1940s. Wide
and narrow back plates have been familiar to small -size collectors for decades, but Hun toon provided new data
showing that these transitions were also done to the bice plates of most small-size denominations and classes
then currently in use.

Specifically for $5 notes, these changes occurred between the Legal Tender Series of 1928E and 1928F
faces; on the last four Silver Certificate Series of 1934C] faces; and on the last six of the Series of 1934C New York
Federal Reserve Note laces.

I have been recording data on the S5 notes since the initial report, and would like to update the collecting
communiw with some information about the Silver Certificate narrow varieties.

WTen looking at the press run dates ior the four 1934C narrow plates, all of them can be arranged into
four distinct groups. I have termed these groups roUftio/iy, and consider them important when analyzing

the data Irotn obser\ed notes — specifically, how certain face and back plate combinations came to be overprinted
w ithin certain serial number ranges.

Much of the following discussion considers how these pressroom rotations resulted in the variety of these
notes we now obseiv^e.

The Press^/^oom Rotations

The life of a printing plate w^as simply chat of multiple press runs: the plate was entered into the pressroom
for printing and then remov^ed for maintenance. I bis process w^as repeated many times for die same plate until it
was no longer usable.

WTen you view press run daces ff>r many tlifferent plates over a long time period, wliat becomes evident are
pressroom rotations: related groups of press runs with the same entn' and removal dates, or at least dates that occur
within a few days of each otlier.

The boundaries of these rotations were elastic in nature: due to the randomness diat plates were entered
and removed, small groups were inherently formed from plates being chosen in batches for use. As printing pro-
gressed, individual plates were remov^ed from these batches at random times. New rotations w'ould then be formed
from the new groupings of these individual plates.

It is important to realize that these rotations were not an official practice, but simply a process falling into a
semblance of a natural order. The printing of faces and hacks was a continual process: individual plates were con-
stantly entered, removed and re-entered, and this pattern repeated itself over and oven Groups of plates were used
for a fev- rotations, then these rotations fell apart, and new ones were formed. The entire cycle occurred on daily
bases.

The significance of these rotations has to do w ith the different plates used in them; they will determine the
possible combinations that could have been printed and then serially numbered.

For the rotations involving the 1934C narrows diere were also 1934C wide faces, 1934D faces, and many
different back plates, including micro hack 637, Some of these were used in all the rotations, while some were used
for only a single rotation.*

Paper Money • November/Decernber ^ Whole No. 258

453

Table 1 . Comprehensive data on the press runs for 1 934C narrow faces and other nelevani face and back plates that were involved in the pressroom rota-
tions for 1 93 4C narrows, (Plate usage dates provided by Peter H untoon. Serial numbers are observed.}

Pressroom Rotation XT

Pressroom Rotation #2-

Pressroom Rotation #3-

Pressroom Rotation #4

Start

A- Press run dales for plates listed in

End

left column.

Slart

End

Start

End

Start

End

1934Cj?2028

18-ALig-48

9-Mar-49

8-)ul-49

25-Aug-49

23-Sep-49

13-Oct-49

Plate not used.

1934CJ2029

1 8-Aug-40

34an498

-)ul-49

25-Aug-49

23-Sep49

17^0cM9

5-Oct-49'’

n-jan-50

1934C #2030

1B-Aug-48

*3-jan-498-

)ul-49

22-Sep-49

Plate Not used*

5-OCI-49''

5’Dec49

1934C 5(2031

1 B*Aug-48

34an498-

juU9

25-Aug-49

23‘Sep49

19-OC149

5-Nov-49‘’

4-!an-S0

S5 back ^637

13-Feb4B

24-Sep-48

—

S5 back #637

19-Oct-48

8.MaM9'‘

—

Series 1 934D

—

17-Oct-49^

n-Sep53’=

8- Approximate serial number ranges for 1934C narrow varieties based on observed notes*

Regular

N82347409A

P05321175A

P75286906A

P79834774A

PgOOOOOOOA'^ Q1 OOOOOOOA'* Q3 762 1 1 65A

q44496664A

Regular w/ 637

Na5978601A

P16330226A

— —

Star

*?A

*?A *17012311 A

*?A

Star w/ 637

M4984863A

— —

—

a The latest date of use for micro back plate 637; this press run was the last of 13 for this plate. It was canceled in June 1949.
b These dates were recorded from the ledger as interpreted and are at best, estimates. (The actual dales were iltegible on the plate ledgers. In the case of
plate 2029, the date does not make sense: the starting date Is earlier than the fast date listed in rotation #3,)
c These dates are for the entire use of Series of 1934D faces, and do not represent an individual press run.
d Estimated.

The data in Table 1, Part A focusesi on the press runs for 1934C iiarro^v plates chat define the four pressroom rom-
tions^ and also includes data for 1934D faces and micro hack 637. Data for 1934C wide faces and macro backs are
not shown, as these were in use during ever\^ rotation*

Serial Numbering

The observed serial numbers on the 1934C narrows can be divided into one of three ranges based on the
face and back plate combinations* A fourth range should exist, since there are four rotations* Each of these ranges
can be correlated “ to a specific pressroom rotation (Table 1, Part B)*

The first, second, and Fourth ranges were determined using (4)*serv^ed serial numbers* The diird range has
been estimated,-^ since there are no serials recorded that would presumably fall in this range*

It was common to have a delay in serial numbering after the sheets were printed* This delay could last a
couple of weeks, or a few months* (There are even extreme cases where sheets were numbered years later.) The
serials on the 1934C narrows were veiy likely printed alter the ending dates for each rotation.

\Miether stars were printed during all four narrow face rotations cannot be determined with the present
data* Unlike regular serial numbers chat w'cre printed almost daily, individual print runs for star notes had gaps of
weeks or ev^en mondis* U^hile this might lead to s]>eculation chat stars w^ere not printed during some of these rota-
tions, this can only be confirmed with (a) actual procluctioti data (which may not exist), or (b) obseiwed serials.

Plate Varieties during the Rotations

Distinct varieties were created during each pressroom rotation, and were subsequently overprinted within
different serial number ranges*

Rot/ition #i

Production on the 1934C narrows w^as started in the summer of 1948 and all were certified for use on

454

November/December • Whole No. 258 • Paper Money

August 1 1* They were first sent to die pressroom ^is a group on August 18,

The first rotation lasted through the end of 1948 into March 1949. It was the longest at five months, and
most of the reported notes come from this rotation (Figures la and lb). All have late N-A and early P-A serials.

PO 02 7 947 2 A

ira , JPl

P00279472A

^ *i:Riei»Dri 034 c
WASlilXtmiX.IJjtl

Figures ta and 1b

This rotation con tain eel the last two press runs for micro hack plate 637. There was sufficient pairing
between these two ty|:>es of plates, as numerous sun iving examples have been observed. At least one of these pair-
ings was overprinted as stars, as is evidenced by the lone reported example of a 1934C narrow fiice-micro back 637
star.

Rot^tiom #2 and

The t^^■o middle rotations both occuiTed in 1949, nnd included the use of 1934C wide and narrow faces and
normal $5 backs. The second has F-A serials, while the third is estimated to have late P-A and eady Q-A serials.

Q44226'436 A

Q44226436A

Rotation M

The final rotation overlapped the initial use of Series of 1934D SC faces. All of these notes were overprint-
ed widi middle- range Q-A serials (Figure 2),

Figure 2

Paper Money * November/December * Whole No. 258

455

INTRODUCING ANEW

DESTINATION FOR

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PMG
NOTES

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AUTHENTICATION
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Bringing the World’s Greatest Notes Together

PMG announces ihe launch of our new Notes Registry,
exclusively for collectors of PMG-graded notes*

The PMG Registry combines the world s greatest notes with the
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commitment to expert, impartial grading, stare-of-the-art
encapsulation, collecting resources, and the highest standards
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With the PMG Registry, you can track inventory, build sets
and compete with others who share your passion for notes. You
can also arrange unique Signature Sets based on your own creative
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to include your collection among the world’s greatest notes*

loin the .
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An Independent Member of the Certified Collectibles Group

456

November/December • Whole No. 258 * Paper Money

Both Are reported from this serial number niiige, indicating that changeover pairs were being printed;
however i none have been reported.

Mules with Micro Back Piiite 637

The last mo press runs for micro back plate 637 were used For almost the entire initial rotation of I934C
narrow faces. Less than a hall dozen ot these 1934C narrow bce-micro back 637s hav^e been reported in the approx-
imate serial number range of N85xxxxxxA to Pl6xxxxxxA (Figure 3),

Figure 3

N93091908A

In addition, there is also a large number of extant 1934C wide lace-niicro back 637s from this serial num-
ber range (Figure 4), indicating there was extensive pairing of both varieties of 1934C faces with sheets from micro
back 637.

Figure 4

Star Notes

Star notes have been reported for both the 1934C narrow face-micro back 637, and the 1934C narrow'
face-macro back varieties; at present, they are both unique for their t)q>e.

The narrow' lace-micro back 637 star has serial *1498486 3 A and an unknown face plate. It was printed
from the first rotation based on its back plate.

The narrow face-niacro back star has serial *1701231 lA and face plate 2029 (Figure 5), This star has a
higher serial than the first reported 1934D star, placing it finnly from the last rotation.

Changeover Pairs

Changeover pairs with most ot these varieties were likely printed from alt four of the rotations, and would
have become overprinted with regular and star serials (Table 2), So kir, none have been reported.

Paper Money • November/December * Whole No. 258

457

The

President’s

® ..

Column

Knowledge— better than a sticker!

Let me start out by saying that I hope all who live on
our gulf and east coasts survived the recent spate of hurri-
canes without problems. From my vantage point in Dallas,
1 had a front row seat as we were working to secure places
for all the patients from sister hospitals and assisting those
v\'ho made the long trek. Know' that if you were an evacuee
or had damage^ the thoughts and prayers of the entire
SPMC were and still are with )^ou. Now' is the time for us
to assist as needed, so let os know if w e can do anything to
help you. We should help our brothers and sistci’s in die
hobby at all times, but especially in these times of adversity-.

One of the things people have been asking for nearly
all the years I have been on the board is ^Svhen is the
SPMC going to develop grading standards?” The hoard
has been discussing this and w^e have explored many oppor-
tunities CO do that or some semblance of standards. But, w^e
have recently embarked on a different tact. e are work-
ing on programs to provide people the opportunity to learn
to grade their own notes instead of relying on standards
that are sometimes arbitrary and person-speciHc at best.
This wull not be a short undertaking, as it will require a lot
of w^ork. If you w ant to help us on this, please let us know.
Our goal is to teach people die knowledge that is necessary
to be comfortable with the fact that the note{s) they buy
are as stickered, labeled or advertised.

The board has also finalized plans to host the annual
Tom Bain Raffle and SPMC awards breakfast at the
Memphis Crown Plaza instead of the Marriott due to the
problems with quality and price the past few years. We
w ill be heavily publicizing this in the coming months, hut
know' that we will make every effort to ensure that the
venue and the resulting event are w'orthy of your trek
across the street and your admission price.

Neil Shafer asked me to put in this column a plea to
the gentleman W'ho attended a recent SP.V1C regional
meeting who had a piece of scrip he needed lor his Ixiok to
contact him. He did not write down contact information
and really wants to speak with this person. NeiTs contact
informadon is on page 402 of this issue.

By the time you read this, w^e will be well on our way
into the holiday season. I hope you all have a wonderful
time with family and friends and get a lot of paper goodies
(if you w'ere a good boy or girl that is)! Until next year!

Benny

$$ money mart

Paper Money will accept cLissitied advertising on a basis of per word
(minimum charge of S3. 75). Commercial word ads are now allowed. Worcl
count: Name and address count as five words, All other words and abbrevia-
lions, figure combi nations and initials count as separate words. No checking
copies. 10% discount for tour or more insertions of the same copy. Authors
are also offered a free ihreedine classified ad in recognition of their contribu-
tion to the Society. These ads are denoted by (A) and are run on a space
avaiiabte basis.

Spedah Three line ad for m issues - on/y $20.50!

HERE'S YOUR OPPORTUNITY!!!

YOUR WORD AD could appear right here in each issue of Paper Money.
You could advertise your duplicies inex pensively, or advertise your Want
List for only S20.50 for three lines for an entire year. Don't wait (PM?

INTERESTED IN BUYING MISMATCHED serial number notes-with 2 or
more numbers mismatched Also, any information about mismatched serial
numbers of this type is appreciated, Kevin Lonergan, Box 423d Hamden, CT
06514 (262)

Wanted: Pre-1900 Notes from Liberia, Africa, Please email to
mikei251@aol.com or write Michael S. Jones, PO Box 380129, Murdock. FL
33938-0129 (262)

COLLECTOR BUYING AND SELLING published U.S. National Bank
Histories and other publications! Offer what you have; send your 'Want
List." Bob Cochran, PO Box 1085, Florissant, MO 63031 i PROUD SPM-
CLM69) (25B)

AUTHORS RECEIVE FREE CLASSIFIED AD. Write now tPM)

LINCOLN PORTRAIT ITEMS, Collector desires hank notes, scrip, checks,
CD Vs, engraved/lithographed ephemera, etc. with images of Abraham
Lincoln for book on same. Contact Fred Reed at P.O. Box 118162,
Carrol Iton, TX 75051 -8 1 62 or freed3 @aimiaiLnet 1258)

HUNDREDS OF PAPER MONEY MAGAZINES FOR SALE from before I
became Editor back to 1960s Si 1970s. I bought these filling sets. Fill your
needs now. E-mail me freed3@alrmallnel & I'll sell you what 1 got! i258}

WANTED: Notes from the State Bank of Indiana, Bank of the Slate of
Indiana, and related documents, reports, and other items. Write with descrip-
tion tinclude photocopy if possible) first, Wendell W'olka, PO Box 1211,
Greenwood, IN 46142 i258)

AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PMi

WANTED OBSOLETE BANKNOTES & SCRIP of Worcester, MA, Please e-
mail or write to: edpogn inroad run ner.com or Don Latino, 1405 Cape St.,
^asl Lee, MA 01238 (256)

WANTED NATIONALS - HAYS NATIONAL BANK in Clinton, New York.
Charier 910205. Neil Schrader, 3320 Minglevvood Dr., Beaumont, TX
77703-2734 (256)

Take Note:

SPMC now accepts commercial Money Mart ads
Sell your duplicates; advertise your wants
Best paper market place anywhere
Annual rates begin at only $20.50
As you can see; we have space for YOU
Contact the Editor: fred@spmc.org

45B

November/December • Whole No. 258 - Paper IVloney

Figure 5

Table 2. Possible changeover pairs created from the different plate varieties used concur-
rent with SC Series of 1 934C narrow face plates from 1 948-50.

Combinations Blocks

1934C/1934C 637 N-A, P-A

1 934C/1 934C narrow N-A, P-A, Q-A

f 934C/1 934C narrow 63 7 N-A, P-A

1934C narrow/1 934C narrow 637 N-A, P-A

1 934C narrow/T 934C 63 7 N-A, P-A

1 93401 934D Q-A

1 934C narrow/1 93 4 D Q-A

Note: All of these combinations could also have been printed with star serial numbers.

References:

Hodgson, J., Huntoon, P., “Transition h'oin Wide to Narrow Designs on U,S. Small Size Notes.” Paper Moneys
WTole No. 24.>, Oct/Nov 2006.

Notes:

1 Any plate that was in the pressroom could be used for produtlion, niij^ht only be a backup for more heavily used plates, or mighi
never get used. This being said, tlie question of whether or nttl a plate was LisecI is always open to conjecture. Having a reported serial num-
ber on that plate, and being able to confidently trace it back to a specific press run, confirms the plate as being used. 13 ut, unless data has
been obtained from the actual printer <lhe BliPl that confirms a plate as having not been used, there is no fault in assuming it was.

2 Since this analysis uses both factual data (i.e.. observed notes, firess run data) and estimated data li.e., serial number ranges )> corre-
lating the data in Parts A and B of Table 1 was done as a "best-fit" scenario. The drawback of using these types of data Is that data placement is
nev'er precise, but requires some guesswork. Also, there is a tendency, or even a temptation, to make the data fit artificially, rather than natu-
rally. I have made the honest effort to place the data where it naturally fils. Keep in mind that this may not be I he actual arrangement in
which the notes were printed, but it is the best arrangement for the current data. These correlations will liecome belter defined with the obser-
vations of more notes.

2 A simple algebraic calculation was used to estimate I be advancement of serial numbers from month to month during the pressroom

rotations for 1^I34C narrow faces. This progressjon was determined by adding the monthly average for lhal year to each month in a successive
fashion. The serial number range for rotation -3 was then chosen by matching the press run dates with the estimated monthly serial numbers.
The first serial numbers printed each year from 1 948-50 were M890r>40n iA, P1 146400 1 A, and Q4 1460001 A, respectively, (Data from
Huntoon.) A caveat of this approach is lhal it assumes a constant monthly production throughout the year. Regular notes were being printed
on a daily basts, but production fluctuated monthly. Neverlheless, in lieu of having actual production data, these calculations provide good
estimates, especially when used in conjunciion with press run da I a and observed serial num[>ers.

Paper Money • November/December • Whole No. 258

459

AVEEK

R£TIR€MtN'T( |

☆

G^mmiih^

‘l7J|,N.1llCI|tANb MTv* |tOllVW&(K^,CJ^tJ

jASSOCtATlON

☆

VQLliMK I

LOS AtVGELKS SATURDAY, NOVEMBER It, 103^ SAN FfiANCESCC

HUMBER 59

A Satirical Note on the “Ham and Eggs”
California Scrip Pension Initiatives of 1938-9

by Loren Gatch

WJmt is it in C/i/ifo?ijm^ that c/rnses this Stnte to give hhtb to so nmch
that is new in refortn^ in science^ in religion^ and in politks? Has
California some source of enchantment hy means of which all manner of
magical rabbits may be conjured? Is there something in the atmosphere of
its dese7i:s^ mountains^ and sea shore^ conducive to the lush growth of cults
and cultists, or is California actually a state of mind as much as it is a
political subdivision of the American Commonwealth?

—Luther V\Tiiteman and Samuel L- Lewis,

Gloiy Ronds: The Psychological State of California (1936)

W HILE IT HAS ALWAYS BEEN A STATE OF MIND,
California has not always been a center for youth culture.
Indeed, during the 1930s California was to the nation as Florida
is today: a haven for retirees seeking to live oxir their days in a
warm climate (at the time, Long Beach was called ‘bi cemetery with lights'*).
The Great Depression destroyed many of these dreams, thus providing retorm-
ers with ready constituencies for radical proposals such as Upton Sinclair's End
Poverty in California (EPIC) campaign, the Townsend Movement, and
Technocracy.

Yet of all diese proposals, none was more fantastic and yet came nearer
to fruition than California's “Ham ajid Eggs** scrip pension initiatives of 1938“
9. Put before the state's voters as ballot initiatives on two separate occasions in
1938 and 1939, the “Retirement Life Payments Act” would have put into the
hands of everv California voter fifty years and older ihirc\^ dollars a week in self-
1 i q ui da ti ng ce r ti fi ca tes ,

“Ham and Eggs” (so named because of the campaign’s promise to put

460

November/December - Whole No. 258 • Paper Money

and eggs” on Californians’ breakfast tables) began as dae bra in chi id of a
popular Los Angeles radio announcer named Robert Noble who had stumbled
upon Professor Irving Fisher's 1932 proposal for national stamp scrip.
Beginning in 1936^ Noble promoted his plan over the radio to put similar scrip
on a weekly schedule into the hands of everj^ unemployed Californian ot^er fift}-
years old — thus the slogan “Life Begins at Fifty'”.

As the scrip circulated, each user would place a stamp on the back of
the note until it accumulated its face value, plus a little extra for administrative
costs. Proceeds ot the stamp sales, made in U.S. money, would provide the
funds for the scriyi’s redemption. Scrip so issued would both support the elderly
and provide them with the purchasing power to .simulate the economy.

Thanks to the membership dues paid by thousands of supporters,
Noble’s initiative movement became a growing and lucrative business until he
was frozen out hy his two shady partners, the brothers Lawrence and William
Allen, who hatl established their fides by punwing adulterated hair tonic.
After taking control of the movement, the Allens brought in outside monetary'
“authorities” such as Roy G. Owens and Gertrude Coogan, a contemporary
critic of the Federal Reseiwe, to bolster its credibility. They also revised the
plan's details to broaden its appeal, and added the new slogan “Thirty dollars
Eveity Thursday.” A surge of signatures put “Ham and Eggs” as Proposition 25
on the l>allot for November 1938.

.As the nation wondered whether California had gone mad, challenges
to “Ham and Eggs” arose from all sides. Were it passed, “Ham and Eggs”
would upend the state’s finances. Banks vowed to reject dre scrip, and public
employees would not rake it as pay. Opposed by business leaders, politicians of
all stripes, and even President Roosevelt himself, “Ham and Eggs” nonetheless

came with a few percentage points of becoming reality. Fear of its impending
passage e%'en caused an investor stampede out of California’s municipal bonds.

Although it is not known if any protoU'pes of the scrip ever existed,
opponents printed their own note satirizing “Ham and Eggs” as a something-
Ibr-nothing fantasy. Heavy-handed in its ridicule (it is signed by Comptroller
“Pass De Buck” and Treasurer “Ham N. Eggs”) the note’s features incorporate
tlerails of the proposal. “30 Thursday” refers of course to die scrip’s disburse^
ment schedule, while “if you will pur 104 coppers in my pot 1 will exchange this
for one real buck” describes the self- liquidating mechanism which would
redeem the scrip once it acquired $1.04 worth of stamps. On the reverse it is
warned chat the note, “good only for ban ki'up ting,” will produce “scrambled
eggs for California”.

fn the event, “Ham and Eggs” was not to he. The /Ulen brothers’ legal
shenanigans caught up with them by Election Day, blunting the initiative’s pop-

Paper Money • November/December • Whole No. 258

461

FOR USE IN BANKRUPTING

PUBLICLY OWNED %
UTILITIES
. BAY 0RID0E
sbnOOL TEACHERS
SCHOOL DISTRICTS
YOU-ME

EVERYONE ELSE

STATE TREASURY
STATE EMPLOYEES
COUNTY TREASURER
COUNTY EMPLOYEES
CITY TREASURER
CITY EMPLOYEES

SCRAMBLED EGGS FOR CALIFORNIA

uldnt\% which went down to defeat by ii vote of 1,398,000 to 1,143,000. The
movement held together for a second election a year later, when it lost by a
wider margin, effectively ending the brothers' ambitions, 'rhereafter, the Allens
and their movement drifted off into a more obscure, and extremist, sn le of poli-
tics.

Sources:

Daniel Hanne, “‘Ham and Eggs' Left and Right: The California Scrip Pension
Initiatives of 1958 and 1939/’ Sontbeni Oflifonii/t Qmtnerly^ 80 (1998),

197-230.

Daniel J. B. Mitchell. Pemioiu Politics ciml the EPItrly: Plistoric Soda! Moi^aaents
ami Their Lesson.'^ for Oar Aging Society. Arm on k, NY: At. E. Sharpe,

2000 . ^ ^

Fricke releases colorful CSA currency “field guide”

EVTRAL YEARS AGO COLLECTOR/AUTHOR
Pierre Fricke released his inonumeiital Collect iag
Confederate Paper Momy^ a realh^ break-tiirough volume
detailing his fascination with CSA note varieties. The
work deservedly won the SPMC V\'ismer Award, and was
warmly reviewed. This reviewer unabashedly called it the
most itn porta nt CS.A currency book in 90 years.

Fricke 's book was the right hook at the right time. It
unleashed a pent-up demand in the CSA collecting held and
by all accounts sold well.

Now the author has returned with an updated “Field
Edition” of his seminal work, the purpose we
understand is to provide a portable reference for
those unable or unwilling to lug the nearly five
pound, 800-page, telephone book-sized basic ref-
erence “into the field,”

Good idea. Such a portable guide would be
really handy on die bourse Floor, for example.

"Ehe new book is heavilv illustrated with
excellent full color photographs and tables which
help collectors sort out the inyriad CSA ntite vari-
eties. Rarides and a price guide, as w ell as histori-
cal and market information are included.

The book offers more than 100 pages of
prefatory^ materiah a photo grading guide, a rare
variety- and wpe condition census in a lengthy 456
pages. It also has some valuable coupons,

I highly recommend the hook. The author

knows his subject and the Type- Variety' fonnat is easy' to Fol-
low and understand for both novice and advanced collectors.
It is packed with intbniiation and collector-advantage, which
made the original version so appealing to purchasers.

For iny two cents, however, this book comes in a trifle
lengthy, and much too heaw for a truely portable reference
work. The author explains that the hea\y basis -weight, glossy
paper stock was necessary to prevent bleed through of the
many color illustrations. That makes sense.

The question persists in tJiis reviewer's mind, how ev er,
whether full color pictures necessitating a hefty 2,5 pound,
456- page, hard cover book were really
nccessaiy' to a “field guide.”

The original work was illusti aced
with black and w'hite pictures, and if a
color grading guide were deemed advis-
able this could have been confined to a
single color signature, considerably
reducing hulk and heft.

So call me a wimp, but Til use this
great hook at my desk, not in the field.
You can decide where to use y^our copy*,
hut I predict \'ou will use it a great deal.
List price is S40. Payment can be
made to Pierre Fricke, PO Box 52514,
Atlanta, G.A 30.^5 5. A personalized
autograph may be obtained for the ask-
ing. — Fred Reed *1*

CONFEDERATE

^ I' I I. h n r f » I c It t

A' h ■

8PIINK

462

November/December - Whole No. 258 • Paper Money

Is Paper Money a Hobby or an Investment?

By Randall Lewis

L'E TO THE RECENT MELTDOWN OF THE U.S. ECONOMY
L/ and die massive dev;iluatUin ot' the U.S. iiollar, all of us in the
“hobby” of coUectinj^ paper money are probably asking ourselves
about the wisdom ot some ot OLir investment strateijies* It you are
like me, I am certainly uncertain about the investment choices I
have made over years past^ I am writing this article to share some
of my thoughts with other members ot the Society^ of Paper Money
Collectors in the hopes that someone may benefit from my ivt>rJs,

I was raised ro believe that the only path to financial freedom
was to I'ct a yood job that (offered a solid pension, invest in LfS.
savings Lxmds, purchase a home and open an IRA. It has been
ingrained in me to think that any other path in life was frauyht
with coo much risk. Well, as recent events has tauyht us, our real
estate, IRAs (stocks)* pensions and savings bonds (due to the
increasing dev'aluation ot the LkS. dcdlar and the massively increas-
ing indebtedness ot the Federal G(,jvernment) are ntvt immune
from large swings in value and a certainly nor sure ’'bets’* on one’s
financial future.

I tried to tollow the advice 1 was gi\en in years past, Biir, to
be completely honest, 1 vas unable to take the boredom that comes
with all cmpli>yment oppLircunities that led to a pension opportuni-
ty, purchased stocks chat rapidly decreased in value, purchased
mutual funds that lost value tir increased in viilue so sknviy rliar 1
had to measure my gain in i-Tennks, I did purchase a luame in the

middle of the housing boom, hut fortunately enough, chose a 30
year fixed rate mortgage that I could actually aRord regardless of
my home's hypothetical value.

In short, I am disEllusioned with mainstreani investment vehi-
cles. 1 now invest a portion of my disposable income in*.*vou
guessed it.. ..paper money (and of course metals and foreign curren-
cy denominated assets).

I started out innocently enough purchasing one Chinese gold
|iroof panda coin or American proof gold eagle per month (as w-ell
as the occasiLinal platinum proof eagle set), 1 was told by friends
and family that this was a waste ot time and that other than passing
intrinsic value, gold was ne\er going to increase in value to make
the effort ivorrhw hile. I started thi,s habit when gold was trading at
$300 pet ounce.

My interest In gold and platinum coins started a conversation
wifh a close friend ahotit his curious interest in paper money, par-
ticularly small size Silver Certificates. I found this quire odd actual-
ly. Why the hell would anyone want to invest in a piece of paper
that ctuild easily he destroyed and is basically, well , , , just a piece
of pa perl Fred asked me to help him purchase some Silver
Certificates on eBay. I reluctantly agreed. It took about three visits
to the U.S. Paper Money section of eBay to become literally
hooked like a darn fish on a line!

I became obsessed with the histor^\ evolution and sheer beau-

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Paper Money * November/December • Whole No. 258

463

Only purchase notes you love and desire, such as this PMG-62 Lazy Deuce note. Only purchase something
other people desire, and work with dealers that you persomally trust.

vy ot U-S- papt-^r iiKoicy. 1 hecainL- sn thar my partt-m ut

investing in “olJ and plannum proot cniiiK sltmdy Llisinrcgratcd.
Once enthralled with the heaury^ ot actual historical ducuinentSp I
could not really return to coins, which arc only really tlitfercMiriiited
by their mintage dates (borin”)! I am now obsessed with obtaining
certain pieces ot paper money hulI sonvetinies devise ways to jusrih
tor e\en bide from) ptirclvases with tny wife. When I find myself
yenin]^ sUnv at the office^ I pop onto niy tavorire web sites and try
to devise ways to make further acquisitions, wirliour ^etrii'i^ too tar
into debt. I suppose I would catef^ori^e myself as more than a casu-
al hobbyist. 1 would say that I am a passionate iiwesror-collector.

Ftnancially am I doiny the ri^^ht thin'’?

.Am I making; sound investment choices?

Welk nohiKly really knows for sure. However, I am spendin;"
a hell of a lot of money. My mc(St recent acquisition is the rare la-y
deuce (pictured here and ^iraded an a mating PM 0-62) that I piif'
chased. Regardless of the price of the La-y Deuce, 1 am extren^ely
proLitl to be its new^ owner! I want to pidnr out chat 1 ha\'e ne\'er
had a feeling of pride \vhen picrchasing shares ot stocks, :i mutual
fund, sa\’ings bonds or most coins.

1 don’t consider myself an expert by any means, but il you fob
low these simple rules, you should be able to pur together a paper
money investment portfolio that is safe and and in my opinion will
appreciate handsomely in value:

{ 1) Purchase something iithcr people desire;

(21 Only work with dealers that you personally trusr;

(>) Only purchase the best quality notes that you can afford;

(4) Tty purchase professionally graded notes to ensure ysai
arc gettijig what you are paying lor:

(5) When you think a note is our of your price range and are
thinking about getting a Unver quality note to fill a hole in your cob
lection, think uvke.,. and then try to come Lip with the extra cash;

(6) Only purchase notes ytui Ivwe and desire (there is nothing
to be gained by owning something that you don’t personally desire
and enjoy);

(7) hocus on large size notes; anti

(8) Educate othens abtwit paper immey. as it is only through
bringing more people into this investment/hobby that ensures the
safety' iiml luture gnnvth til the investments that we have all made.

In closing, 1 have investment advice that I have always fob
lowed, atul which I would like to share. Invest in something you
love. Invest in something in which you liave passion. Whether
that be classic cars, art, goki coins, a home or paper money... search
OUT your pa.ssion, study it, enjiiy it.., and you cant go wrong! Bur
remember, nothing is guaranteed, nothing is 100% sate and il it
bulks too good to be true, ifs a scam.

1 1 anyt>ne has any comments, drop me a line. 1 can be
roac h eti a 1 1 eu' i.‘i_ra I a 1 1 1 8@h o r m ail. co m *t*

464

November/December • Whole No. 258 • Paper Money

NEW

MEMBERS

Membership Director
Frank Clark
P.O. Box 117060
Carrollton, TX 75011

SPMG NEW MEMBERS - 08/04/2008
These memberships expire 12/31/2008

12699 Richard White (C), Jason Bradford

12700 Robert E* Remy (C), Jason Bradford

12701 Brian Rickman (C), Jason Bradford

12702 Mark Wood (C), Jason Bradford

12703 Rick Schaefer (C), Jason Bradford

12704 Kevin Tonskemper (C), Jason Bradford

12705 David Story (C)» Jason Bradford

12706 Greg Swartz (C), Jason Bradford

12707 Eugene Szestak (C)^ Jason Bradford

12708 James Titus (C), Jason Bradford

12709 Richard Winer (C). Jason Bradford

12662 Thomas Bucci, 4305 Fauquier Ave, Richmond,
VA 23227 (C, US Large & Obsoletes), BNR

12663 Greg Ton, 1415 Jefferson Ave, Oxford, MS 38655
{C & D, Confederate & Obsoletes), Hugh Shull

12664 Robert Bourque, C/0 Pan Atlantic Bank &
Trust Limited, Musson Building Second Floor,
Bridgetown BB 11000, Barbados, West Indies (C,
Confederate), Paper Money Values

12665 Michael A, Minichino, 7 Locust St, PO Box 416,
Afton. NY 13730 (C. Star Notes & S2’s), FUN

12666 Robert Alvarez, 7168 Pintail Di\ Carlsbad, CA
92011 (C, 1914 & 1928 Notes), Tom Denly

12667 Steve M. Hilton, 808 Holston Hills, College
Station, TX 77B45 (C, FRN's Si Nationals), Tom
Denly

12668 Lothar Maelziier, 3636 Fields ton Road #2 -A,
Riverdale, NY 10463 (C & D, US, Cuba, Venezuela,
Europe), Website

12669 O. Wayne Woods, 605 Caldwell Rd, Jackson, TN
38301 (C & D, Confederate Si United States), Frank
Clark

12670 Dewey Deeton (C), Website

12671 Steven L, Rachmuth (C), Website

12672 Joe Abbott (C), Jason Bradford

12673 Bill Acker (C), Jason Bradford

12674 Bill Adamec (C), Jason Bradford

12675 Nigel Barrett (C), Jason Bradford

12676 Donald Bellafiore (C), Jason Bradford

12677 George Bowers (C), Jason Bradford

12678 Gerard D, Byrne Sr, (C), Jason Bradford

12679 Joseph Calta (C), Jason Bradford

12680 The Collectors Coin Shoppe (D), Jason
Bradford

12681 Raul Cruz (C), Jason Bradford

12682 Richard DeAngelo (C), Jason Bradford

126S3 Eli Finestone (C), Jason Bradford

12684 Russ Frank (C), Jason Bradford

12685 George Click (C), Jason Bradford

12686 Richard Gore (C), Jason Bradford

12687 Arthur Hamm (C), Jason Bradford

12688 Rodney Henderson (C), Jason Bradford

12689 Shawn Henry (C), Jason Bradford

12690 Vincent Ingraffia (C), Jason Bradford

12691 Gerald Lane (C), Jason Bradford

12692 Adam Levy (C), Jason Bradford

12693 Samuel Mazza (C), Jason Bradford

12694 Robert McAlevy (C), Jason Bradford

12695 William McDonald (C), Jason Bradford

12696 Robert Meyer (C), Jason Bradford

12697 Richard Bowman (C), Jason Bradford

12698 James Nunan (C), Jason Bradford

Reinstatements

7165 Michael Niebruegge (C), Frank Clark

8716 William Graham (C), Frank Clark

SPMC NEW MEMBERS - 09/04/2008
These memberships expire 12/31/2008

12710 Greg Anglin, 405 Charles St. Scotia, NY 12302
(C, Counterfeit Detectors, US Large), C

12711 Robert L. Lefeuer (C), Judith Murphy

12712 John Urewovitch, 75 S. Hunter Hwy, Drums,
PA 1S222 (C, US), Judith Murphy

12713 Keith Fapinchak (C), Judith Murphy-

12714 Peter Sugar (C & D), Judith Murphy

12715 Odis Wooten (C), Judith Murphy

12716 Timothy B, Livezey, PO Box 5, Edgewood, MD
21040-0005, (C, US & Foreign), Paper Money Values

12717 Richard Anderson, 1623 Dogwood Ave, Creston,
lA 5OS0LS303 {C, Nationals & US Large), Larry
Adams

12718 Ronald M. Greene, 309 Meriwether Way, Pigeon
Forge, TN 37863*8583 (C, Tennessee Si Maryland
Nationals. Website

12719 Sidney Moore, 4778 W, Tobacco Garden Rd,
Watford, ND 58854*9707 (C, North Dakota
Nationals), Website

12720 Bill Papanos, 1466 Boston Turnpike, Coventry,
CN 06238*1205 (C, US), Tom Denly

12721 Harv Elander {C & D), FUN

12722 Stew'art Eads., 264 Oak Point Landing Dr, Mt,
Pleasant, SC 29464 (C, $1 and $2s), Website

12723 Thomas Bradfield (C), Website

12724 Rick Ewing (C), Tom Denly

Reinstatements

27 Ralph Osborn (C), Fred Reed <*

Give SPMC memberships

as holiday gifts

your friends will thank you all year long

Paper Money * November/December - Whole No. 258

465

A 07690U88 A

WM^U iSlTJTtJX, J J.i:.

A"7690488 a

^ - ii Ti'Mifami

Deuces in

Outer Space

The amazing, out-of-this-world
Joyrney of-slx very special U.S.

S*;- ..i'j.-. _ -■ • ^

.'-^-Earth rise from Lunar su

466

November/December * Whole No. 258 • Paper Money

Introduction

On many historic nidnneJ space flights into the great void beyond the earth atmosphere, astronauts hav^e
taken with them personal ineinentoes ami souvenirs. Because of the weight restrictions of spaceflight, and the fact
that eveiy ounce of weight has to be accounted for to properly adjust a shifi’s fuel weight and center ol graviy, an
astronaut generally could nor take anjtliing without officially declaring it on a flight manifest. These cleared items
were then often stowed aboard the ship in cargo pouches or in Official Flight Kits (OFTCs) or Personal Preference
Ivits (PPK’s) “ — small bags or pouches assigned to the mission or astronaut to carry such precious cargo.

Since the dawn of space flight, astronauts have carried with them items such as wedding rings, photos,
flags, crew patches, coins, medallions, and other personal effects diac held special meaning tor them or their famil)'
and friends. On occasion, they also took paper money with them as well, since it is light weight, relatively small, and
also a powerfii! symbol of national priile and achievement, d’hese ver)' rare and special paper ciiiTency items — espe-
cially from the golden era of the Alerctiry, Cemini and Apollo (MC&A) space [programs have become highly
prized and sought after collectables among space enthusiasts and numismatists from around the world. Indeed, last
year at the inaugiiral [heritage Auction Galleries space memorabilia auction, a 1923-S Peace silver dollar coin flown
to the Moon on Apollo 1 1 sold for over $3 1,000 with buyer^s premium.

Wliile Gus Grissom famously carried Mercur)' dimes into space on the second Mercuiy space flight in
1961, the first known paper currency - dollar bills - were also carried by Gus on the second Mercury flight. They
were stowed by the Mellon ne 1 1 Douglas engineers who put them in wiring bundles. The next flight to carry dollar
hills was aboard Mercurt' Fiie/ubbip 7 by John Glenn in 1962. Since that time, most denominations have at one time
or ajiotber made the great journey to slip the boiiLls of gravity into the weightlessness of the cold and dark vacuum
of space along with the space-faring heroes who took the currency with them.

Owning a space flown hill, especially one that is fully signed and flight-certified by the crew or the astro-
naut that carried it, is a specialty area of space niemorahilia collecting, ami such bills are prized for their symbolism
and extreme rarity. On many space flights, astronauts carried hundreds of small 4x6 inch flags or mission patches as
special gifts and mementos - and these items today com maud prices in the high four and five figures at auction. Yet
on the MG&A flights, only one Irill or a very small population of bills (fl^oni the low single digits to a high of 50)
were ever flown. This is an extremely small and limited population of historic paper money.

As a Space enthusiast ami collector, I have assembled a rather large collection of space flown paper monev.
As 1 have assembleul my collection, I was amazed to notice a jiattern ilevetop - especially through the early MCf&j\
programs of astronauts catriing various versions ofU.S. $2 bills into space. In so doing, they have in my mind made
1 homas Jefferst)n a sort of honoran' “accidental astronaut^^ given that he has ridden into space more times than
those represented on the denominations.

i'his arricle catalogs my flown currency collection of “jelTersons in Space,” a specialty part of my overall
space artifact collection. (My collection is also profiled at the virtual “Thomas Jefferson In Space Museum” at
http//jeiterson-in-space. hlogspot.com) Whvit you are alnnit to experience in this article is believed to he the workTs
foremost and complete collection of space-flown US $2 bills in existence, with an exemplar from all of the known
flights upon which such a bill was carried al>oarL[.

Series 1917 Legal Tender Note Carried Aboard Mercury 9

This large-size S2 U.S. Note was flown by Ckilone! Leroy Gordon “Gordo” Cooper Jr. within the pocket
of his flight suit aboard his Mercury capsule, 7, aboard the last flight of the Mercury Program, and the longest
U.S. inaniied flight at that time. As of tliis writing, this is the first known U.S. $2 hill ever to have left the Earth,
and it is the only one of its kind carried on the flight or aboard a Mcrcuty space capsule. Launched from Cape
Canaveral, Florida, on May 15, 1963, this full and Cooper tlew^ 22.5 orbits aroimd the Earth (at an altitude of 165.9
by 100.3 statue miles) during an elapsed mission time of 34 hours, 19 ininutes and 49 seconds. Together, they trav-
elled 546,167 miles at a speed of I 7,547 miles per hour. The bill itself was fokled into f^th’s so that Cooper could fit
it snuggly into his flight suit.

'The bill is series-dated 1917, carries the serial number D922()7287.A, and bears Cooper's hand signed,
flight certification to the middle and lower right: “Flown on Faith 7 Gordon Cooper.” Given the a\ailaluliiy of
more modern S2 bill designs at the time of the flight, 1 wonder w hat cojiipelled Cooper to take this parricular bill
w'ith him. Was tlie early 1917 date of significance to him? Was it a bill that was given to him by someone special?
Was it a lucky charm — since he kept it in his suit pocket, instead of stowed away in the capsule? Since Colonel
Cooper has passed away, we probably w ill never know the answer.

.Along with the note, which 1 purchased at auction directly from the Ciordon Cooper E^state, 1 also received

Paper Money • November/December • Whole No. 258

467

An Invitation from

The NEW Hampshire Currency Study Project

Q. DAVID BOWtRS and
DAVID M. SUNDMAN

are involved in a long-term
project to describe the history
o fall cu r re n cy i ssu ed in the
State of New Hampshire^ as
well as to compile a detailed
registry of all known notes
(whether for sale or not). Our
area of interest ranges from
early colonial times through
the Revolutionar}'" era, the
state-chartered hank years
( ! 792- 1 8661, and the era of
National Banks (1863-1935).
This will result in a book
under the imprimatur of the
Society of Paper Money
Collectors, with help from the
New Hampshire Historical
Society, the Smithsonian
institution, and others.

Aikirt fmtu the iihm%

Dm iti M. Sumlrntm Is pmkk'tH h /
Unletitit Omi Omjlhujy tJm!

Q. Davki Bowers is o pnndpol of
Aineriam Moniismitk Rarities, LLC,
iithi both iiilnTthers in tiie present
book. For other conmurdal
tninsactions ond business, refer
to those aihertisenients.

IJu' t'f pn-scti! a uar

.Vi io 4<if eilU SvJfRpnja iNpfi" fmn
Hi-jif fVfTj: Nnr H(n»rp>^jP4r.

A lypiitii Xi i i Hifoh'tc

iJiy. /rtiHi rhi*

A ScTiirs oi itiiiJ
$ JH Hfiirrn IJiiiJ.* /(inn (ftp
NfJlkiiiiiJ fill if k

BANK

Mjpiu' fin iln- U'iiirhi*>k'f HiinJ," ipnififitri' drtiJ J'JRI. UVki'/k^rpf NiifitiU'iiif Hinit

■irfr/ //n* (VinJii'slpr Xijrr^nrii/ fliiirf:.

I f you have New Hampshire currency or
old records or correspondence relating
to the same, or other items of his tori caJ
interest, please contact us. In addition,
Bowx»rs and Sundman are avid collectors
of these hills and welcome contact from
anyone having items for sale. We wdll pay
strong prices for any items wq need!

Vj.'fij' //it' XU C.^wrriMj[ j' fpiirri f /n'^yiri'.' irti^riMifii ifrii'iii);iiiiM'i. ri^iiJ k ^

of N't’ii' UiTiPif>>firn- (^iiifb: i ifFTruo; i (iiJpr('r>. iiiut irimv. W'WW nhCUITeOCV COIll

jV’e look fonvanl to fmtrin^fnim ijnii!

Hie NEW Hampshire Ci rrency Study ivojeei

Box 539. Wolfeboro Falls, NH 03896

l> Hia it: in n h cu r re ii cyxoni / \ itut v-mdH mti fx fonvimk^i r i huh n nf/im , i

468

November/December * Whole No. 258 • Paper Money

H-H\

oiJ

s^,+ 1

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the envelope in which the note vvlis storecK On the envelope, Cooper hiul written: “This old 1917 issue $2 bill was
flown by me in my flight suit pocket on MA9.” /Vs vi space enthusinst, it is wundertiil to have hand^wrirten flight
certification on the bill itself, and on the envelope that held the bill. .hot to also know that the bill was not only on
board the spacecraft, but was also on Cooper's actual person during the entire duration of the flight, is very unique
and adds to the historic importance of this amazing, well traveled l)i!l.

Series 1953C U.S. Note Flown on Gemini 3

This Series 195.1C bill, with serial numljer A7744605.1A, Hew on the first manned flight of the Gemini
space program — aboard the unsinkable Moily Broivu with astronauts Gus Grissom and John Young on March 23,

Paper Money • November/December - Whole No. 258

469

jf.viJf n f

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We are constantly adding to iNVE3srroRY but most items
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Receive our paper money magazine, the Paper Money
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us an invoice of a previous paper money purchase. Or, if
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November/December - Whole No, 258 ■ Paper Money

TniH lb to

Certificate

,.*w >^ ' t

1965* During this four hour and 52 minute flight, the crew and this l>ill made 3 hill orbits of the earth, and traveled
more than 80,000 miles after reaching an altimde of over 121 miles. It is one of only 50 S2 bills to aecompany the
crew aboard this historic flight in which, for the lirst time in the history of U,S, spaced ight, a nvo^person crew
(Thomas Jefferson’s presence aboard excluded, of course) launched into sfDace.

NEW! Confederate Paper Money Book - Field Edition 2008 — by Pierre Fricke
Portable (6x9, 2.5 lbs), 456 pages, quality hard back, full color.

"Pierre Fricke's 2008 book is the primary reference
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out well for anyone to comprehend and understand. . .this
book is a must for all." McNair Tomow, CSA Collector

• More than 100 people’s input incluiied

• 100 pages of introductory material including
history, ways to collect, and the only photo
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SPUNK

Paper Money • November/December • Whole No. 258

471

*4688718

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472

Novamber/December * Whole No. 258 - Paper Money

The 50 Gemini 3 Unwn $2 liills (nlong with a set oi llown $1 bills) i!rc some ol the most famous and well
documented down paper currency. Author Russ Still documented their flight — and storj^ — in his wonder fid book
Rt’/iiJ of the SpfJte Race^ As the stoiy goe.s> three members of the AlcDonnel) Douglas launch crew assembled 50 S2
bills and 41 $1 hills and stowed them inside the capsule with Gus Grissom's permission. The bills were s tufted
l>ehind the instmment panel on the right side. This gave Gus Grissom the opporninit)?^ to execute one of the great
space race gotchas (an astronaut term for a prank pulled among astronauts) of all time, Grissom had his secretary
find all the play money she could. He secretly took it with him on the flight, and during orbit, switched cnit the real
money with die play mone)\ Upon retum, when the launch crew' went into the capsule to recover the down curren-
cy, they found the play money instead. The guys never said a w'ord to Gus. Grissom later called die guys to explain
how' “hinny things can happen in space'’ and then hung up. Later, the guys received a package from Grissom —
inside were all the flow^n hills, signed and flight certified by both crew' members in red. Later, Don Wagner
designed the above special certificates to record the historic flight status of each bill, ^ijhI diey, too, w'ere authenti-
cally hand signed by the crew to match. Sadly, none of the flowm play money has ever surfiiced on the collector mar-
ket.

I (DQTtily ihji tills $2 bill 5A(J76904^A was lliiwn in spaar kikiaitl Comlni IV Iti 19^6, IL is

fnini my perscirkiJ ctjUt’ction and ivojntly pivscnlcd tn Nm'aspiiftT (ur dlspta^ tn cpilectcipsfrfdrti'
ffli-i?, tirnmi and ths? gdden era cvf spiurtr etsplordHtJii .

DIR Apotk>

vv wtv. no’/aspace,i^om

certified liy jini MUXvRI

Series 1963 $2 U.S. Note Flown on Gemini 4

On June 3, 1965, this 1963 $2 bill, with the serial number A076904S8A, lifted off with the crew' of Jim
McDivitt and Ed AAliire on the second manned Cjcinini flight, 4 his historic flight w itnessed .America's first ever
e.vrravehicular activit)/ (EVA), or s|>ace walk, by Asrrfmaut White — making this note (and die other three aboard
die flight) the first to he exposed to the pure vacuum of space upon the a]>ening of the Gemini capsule for the full

-473

Paper Money - November/December • Whole No. 258

22 minute EVA. In all, this bill made 62 orbits and traveled 1 , 728,486 miles before returning to Earth on June 7,
1965 , after more than four days in space. This bill remained a part of astronaut Jim MeDivitt's private space collec-
tion until it was acquired by me in early 2008 from him at auction. Astronaut AlcDivitt has authentically hand-
signed and flight certified this bill in his signature green ink.

Series 1953B $2 Bill Goes to the Moon!

This Series 1953B note, with seriiil number A704899H9A, acnially helped achieve President Kennedy's
'vision of going to the Moon when it flew together with the crew of Apollo 1 5 on the ninth manned lunar mission of
the Apollo space program, and the fourth mission to land man on the Moon. This bill flew on what was the first of
the so-called 'J'’ missions — long duration stays on the Moon with a greater focus on science than had been possible
on previous missions. This was also the first mission with the LR^^, or Lunar Rover \7ehicle (also known as the
Moon car). This bill left Earth with the crew (Dave Scott, Mission Commander; Jim Irwin, Lunar Module Pilot;
and M Worden, Command Module Pilot) on July 26, 1971, It remaijied in lunar orbit with A1 Worden, while Dave
Scott and Jim Irvin ventured down to the lunar surface on July 26, 197]. (Of historic importance to paper money
enthusiasts, Dave and Jim also took a package of $2 bills down to the lunar surface widi diem; sadly, those bills were
forgotten on the lunar surface when they returned, making the 49 lunar orbit S2 bills even that much more rare and
excluswe.) This bill spent more than 66 hours and 54 minutes in the Command Module, circling the Moon with
Worden as he performed lunar mapping photography experiments. AATien the two Moonwalkers returned without
the other flown bills, the crew headed home, landing in the Pacific Ocean on August 7, 1971, after 295+ hours in
space, and after spending a total of 145 hours in lunar orbit! Upon return, the crew signed the backs of each of the
49 flo%vn S2 bills during their trip back to the States from the Pacific to verify their flight status.

The crew of Apollo 15 not only signed the backside of the fiown $2 bills, but they also had very attractive
flight certification parchments made, detailing the flight status of each bill by serial number. The crew then authen-^
tically signed each certificate. Artifacts flown to die Moon are some of die most sought after items in all of space
memorabilia collecting, and these flow^n $2 hills are no exception*

474

November/December • Whole No. 258 - Paper Money

J\t^ Ju}o D^lLu* fi4^rVc

ruU Humbtft* 7om9^^, Mf(XS CAVvic2>
Ab0AY& J\foX\0 t5 during tHtf fiv^t cji^ten^e^
ScUnt^ic EjcplpTAthK of feHb
1-Wi^ 7»

16TL.

gz.£s<^

The Space Shuttle — Did Thomas Jefferson Ever Fly on the Shuttle?

rhere are currenriv no known Hown U-S. S2 bihs from the Space Shuttle program era. Coins and currency
are not currently allowed to tly aboard the Space Transportation System vehicle as part of an astronaut's PPK, even
though it was a time^honored tradition in the past. As Russ Still points out on page 285 ot Rdksoj tb^ Spate Rittt this
is a recent policy decision relative to the Shuttle: ^hVlonetary items have been carried on many U.S, manned space^
flights. .-VJthough NASA spokesman Gloria Demers has indicated that it is currently against NASA policy to fly U.S,
currency, it does have a long bistoiy.” (A long history to which my flown %2 hills can clearly attest!) According to
the listed NASA reguiations currently in effect, astronauts on the Shuttle are prohibited from carrying “items .such
as philatelic materials and coins that, by their nature, lend themselves to exploitation by tlie recipients.”

This has been interpretated by NASA to include paper currency, (Although there have been some numis-
matic items, such as coins, that have flown on flights as part of the OFKs.) Therefore, my collection will most likely
never have a Shuttle flown exemplar -- although one can always hope. I happen to have in my collection a dollar bill
that made the trip on a Shuttle to the International Space Station and hack* It is one of only three such bills a
Russian cosmonaur carried. But, un fortunately, he did not take a %2 bill with bim. Perhaps someday, when the
Shuttle program is no longer in operation, a flown $2 bill will surface. After all, the McDivitt Gemini flown $2 bills
were unknown to the space collecting community until they were made available to collectors in 2007.

Series 1995 $2 Bill Hitches a Ride on the International Space Station

This 1995 Series S2 hill with the serial nuinher F()7347783B caught a ride on Soyuz TALA-2 (both there
and back!) for a six-month ride on the International Space Station (ISS) — granting this bill the distinction of being
the longest space-faring S2 hill in the collection. LauncbctI on April 25, 2003, from Baikonour Cosmodrome in
Kazakhstan, this bill accompanied Cosmonaut Yuri Alaleuchenko (lSS-7 Commander) and American Astronaut Ed

Paper Money ' November/December • Whole No. 258

4T5

This is to ccrtif>' that the accompanying

TWO USA DOLLARS BANKNOTE

did, indeed, fly with me on Soyuz TMA-2 to the
International Space Station during Expedition
Seven for over 184 days and 2,911 orbits of the
Earth. Wc left Earth on April 25, 2003 from
Baikonur Cosmodrome in Kazakhstan, and
relumed to Earth on October 27, 2003.

Yuri Malenchenko, ISS-7 Commander

Lu on a six-month mission as part of the 7th mannetl crew of the International Space Station- It is one of only 15
such bills that Hew, clocked at the ISS on April 2H, 200^, and then spent 184 days in space in the Russian Zveda
modtiie, making 2,911 orbits ot the Earth, before rerurning on October 27, 2003. This bill carries the official
onboard ISS cancelation mark to the left on the front side of the bill, and Yuri Malenchenko's signature on the
right. It is interesting to note that this bill witnessed another first on the flight of ISS-7: the first wedding in space!
^ uri and his bride were married “virtually” over the phone during the mission, as his wife was in Texas, one of the
few States that allows long-distance marriages.

Series 2003 Note Flies Aboard SpaceShipOne for Historic Ansari XPrize Flights

This bill, serial number 1 158946 13 A, is one of only 10 crisp, Lhicirculated $2 bills that made both of the
historic SpaceShipOne flights to claim the .Vnsari X-Prize, and establish SpaceShipOne as the leading private space
craft vehicle in the world. This particular bill took part in the first flight (X-1), which left the planet on September
29, 2004, with .Astronaut Mike Melvill as the pilot. During a 24 minute and 11 second flight, Mike and these bills
flew at the speed of Mach 2.92 and reached an altitude of 102.9 kjii in space. This vew same bill was then flown less
than a week later an October 4, 2004, during X-2, by Astronaut Brian Binnie at the speed of Mach 3.09 and reached

476

November/December • Whole No. 258 - Paper Money

9th Annual George W. Wait Memorial Prize

Society of Paper Money Collectors
Official Announcement

Purpose: The Society of Paper Money Collectors is
chartered “to promote, stimulate, and advance the study
of paper money and other financial documents in all
their branches, along educational, historical and scientif-*
ic lines/*

The George W. Wait xVlemorial Prize is available
annually to assist researchers engaged in important
research leading to publication of book length works in
the paper money field.

George W. Wait, a founder and former SPMC
President, was instrumental in launching the Society's
successful publishing program. The George W. Wait
Memorial Prize is established to memorialize his
achievements/contriburions to this field in perpetuity.

Award: S500 will be awarded in unrestricted research
granc(s). Note: the Awards Committee may decide to
award this amount to a single applicant, or lesser
amounts totaling $500 to more than one applicant. II,
in tlie opinion of the Awards Committee, no qualifying
applicant is found, funds will be held over.

Prior Award Wltmers: five individuals and one group have
thus far been awarded the Wait Memorial Prize. Each
received the maximum award. 1st annual Wait winner was
Robert S. Neale for a book on antebellum Bank of Cape Fear,
NC. The 2ntl went to Forrest Daniel for a manuscript on
small size War of i812 Treasur\^ Notes, published in our S/O
2008 issue. Gene Hessler was honored for a book on interna-
tional bank note engravers chat has recently been published.
Honorees also included R, Shawm Hewitt and Charles Parrish
for a book on Minnesota obsolete notes, Michael Reynard for
a book on check collecting, and Matt Janzen for a work on
Wisconsin nationals. Twice, no awards w^ere made.

Eligibilityi Afjyme engaged in mipottnnt rcsemrh on paper 'money
s^ubjects is etigibk to apply for the prize. Papei' Money for the
purposes of this award is to be defined broadly. In this context
paper money is construed to mean U.S. federal currency,
bonds, checks and other obligations^ National Currency and
National Banks; state-chartered banks of issue, obsolete notes,
bonds, checks and other scrip of such banks; or railroads,
municipaiitieSj states, or other chartered corporations; private
scrip; currency substitutes; essais, proofs or specimens; or sim-
ilar items from abroad; or the engraving, production or coun-
terfeiting of paper money and related items; or financial histo-
ry in \vhich the study of financial obligations such as paper
money is integral.

Deadline for entries: March 1 5, 2009

A successful applicant must furnish sufficient information to
demonstrate to the Society of Paper Money Collectors Aw'ards
Committee the importance of the research, the seriousness of
the applicant, and the likelihood that such will be published

for the consumption of the membership of SPMC and the
public generally.

The applicant's track record of research and publication
will be taken into account in making die aw'ard.

A single applicant may submit up to tw'o entries in a sin-
gle year. Each entry must be full and complete in itself. It
must be packaged separately and submitted separately. Ail
rules must be followed with respect to each entry', or disquali-
fication of the non -con forming entry will result.

Additional rules: Tlie Wait Memorial Prize may be aw^arded
to a single applicant for the same project more than once;
however aw'ards for a single project will not be given to a sin-
gle applicant more than once in five years, and no applicant
may win the Wait Memorial Prize in consecutive yeans.

An applicant who docs not win an annual prize may sub-
mit an updated entrj^ of the non-winning project in a subse-
quent year. Two or more applicants may submit a single entry
for the Wait Prize. No members of the SPMC Aw^ai'ds
Committee may apply for the Wait Memorial Prize in a year
he/she is a member of the awarding committee.

Winner agrees to acknowledge the assistance of the
Society of Paper Money Collectors and the receipt of its
George W. Wait Memorial Prize in any publicarion of
research assisted by receipt of this aw'ard and to furnish a copy
of any such publication to the SPMC libra rye

Entries must include;

• die full name of the applicant(s)

• a permanent address for each applicmt

• a telephone number for each applicant

• die title of the research project/book

• sufficient written material of the scope and progress of the
project thus hr, including published samples of portions
of the research project, if appropriate

Entries may also include:

• the applicant’s SPMC membership number(s)

• the applicant’s e-mail address (if available)

• a bibliography and/or samples of the applicant’s past pub-
lished paper money research

• a photograph of each applicant suitable for publicity

• a publishable photograph(s) of paper money integral to
the applicant’s research

• a statement of publishability for the project under consid-
eration from a recognized publisher

Judging: All entries must be received by March 15, 2009. All
entries must be complete when submitted, and sufficient
remrn postage should be included if return is desired. Address
entries to SPMC, attn. Fred Reed, George W. Wait Memoriai
Prize, P.Q. Box 793941, Dallas, TX 75379.

Tie single, over-riding criterion for the awarding of the
Wait Memorial Prize will be the importance of publicarion of
the applicant’s research to SPMC members and general pub-
lic. Ail decisions of the Aw^ards Committee will be final.

Announcement of the aw^arding of the Wait Memorial
Prize will be in the May/June 2009 issue of Pape?' Ahneyt vith
subsequent news release to additional media. <*

477

Paper Money * November/December • Whole No. 258

1 12 km in space diirini^ a 23 minute and 56 second flight. With this second successful flight, Mike, Brian and
Thomas Jefferson vvon for Scaled Composites the coveted Ansari X Prize, and forever placed them in the historv’
books of manned space flight. With the successful winning of the Ansari X Prize by the crew of SpaceShipOne, reg-
ular private spaceflight and a new chapter in space exploration inches closer and closer to reality.

Both Astronauts Mike Melvill and Brian Binnie have signed detailed flight certification letters for the
SpaceShipOne flown $2 hills, and it is interesting to note from a collectors perspective that the stationaiy used to
print up the certification ALSO flew aboard the second flight!

Next Stop...

These six flown US. $2 notes bear witness to one of the most amazing and historic periods of human his-
tor>^ and span the entire length of LT.S. manned space exploration. WTien you are out in your backyard at night, look
up to the night sky, and imagine what it was like for these amazing note.s as they journeyed into space to orbit the
Earth and the Moon and to have gone where most humans have never gone. There is a veiy limited population of
such bills in existence, and they are some of the rarest of their kind. Still, with Thomas Jefferson being one of
America's most experienced and well-traveled unofficial accidental Astronauts, 1 wonder where off the planet he
might find himself flying to next? Back to the Moon? Maybe on to Mars? Stay toned!

Richard Jurek is CEO of a privately held communications company in Oak Brook, Illinois. He is an a\nd collector of
vintage space memorabilia and flown artifacts, and resides with his family in Nordiwest Indiana, He may be con-
tacted at richjiirek@anieritech.net. To find out more about collecting space memorabilia, please go to
h t tp :/ /\v\v\v . col 1 ectS pace . co m . ***

478

November/December ■ Whole No. 258 • Paper Money

A paper money library

I f- ONE IS GOING TO COLLECT P.-\PER MONEY

seriously, the first step is to hull cl a libouT. basic reference
!iiaterials would indnde a text on each of the major branelies
of paper mtiney colleeriiig. These arc; U-S Large Size type
notes; LLS. Small Size type notes; National Bank notes;
Colonial Currency; Obsolete Currency; Confederate
Currency; and \Torld Currency.

Alter these subjects have been niastered one shoukl pro-
ceed to the next sublevel of note collecting references. These
include: Fractional U.S. Currency; Southern States cuncncy,
indivitliuil Territory and States obsolete notes, Aiilitary
Payment Certificates, Depression Scrip, both large and small
size, Atlvertising Notes, College Currency, Coal Scrip, Sutler
Notes, Encased Postage Stamps; and various auction catalogs
of various kinds of paper money and substitutes*

Acquiring a good paper money lilnary can be as challeng-
ing as collecting the notes, since a number of the !>e.st refer-
ences are out of print and can be
expensive when vthj find them.

When 1 hecame interested in
paper money, the first thing f did was
to get a copy of the ANA library's
holdings of paper money texts and

borrow them, through the mail. In reading them 1 was able to
determine which reference materials I wanted to acquire for
my own I i bran' and so construct a want list, 1 made Xerox
copies of some of the ANA reference materials to use until I
was able to find original texts for my libraiy,

i was lucky to find a cop)‘ of Hisrory of Bank hg ni the
Unheil States by John J. Knox for $2 in an antique shop, k hatl
no covers, but was otherwise intact so 1 had it rebound. It is
packed u itli interesting information about banks and banking*
A friend found a copy of an early counterfeit detector for
S7.50 in a junk shop and let me have it* Much of the rest were
bought at retail prices or presentetl a.s gifts. The D.C.
^^lsme^ reprints for state notes were available from paper
hobby book dealers.

And auction companies soon began to adil useful infor-
mation about the notes diey were selling, such as serial num-
bers, to their catalog descriptions. There were other reprints
done also, such as United States Notes by Knox and Roy
Pennell reproduced Hodges A/aerkan Bank Note Safegnard fiji*
1865 and G^name & Da\^'s Descriptive Register of Gen nine Bank
Notes^ most tisefirl references.

Ocher books that are also collect! hies in their own right
are individual bank histories, which often include period pho-
tos of the bank and its notes. Hobby journals such as Paper
Moneys business directories, local histories, government publi-
cations related to currency and the legal background are all
references of interest*

If you haven't started on this exciting journey, get going
and hiiikl yourself a lihrar)’. It is as much fun as chasing the
notes, *t*

A personal view on books

M ost readers of paper money i-i.avt ol' e-

standing personal libraries. Collectors like to learn
ahfiuc their notes, and books are often the best way to do so*
If leaders don't, running mate Steve Wfiiltlield offers helpful
suggestions on filling out one’s reference shelves at left.

In addition, this issue contains brief notices of four new
books, all worthy of i^eaders* considerations.

Wiiat is really on my mind, however, rs the official SPAIC
notice that appears on page 476 of tliis issue. It solicits book
length entries in our annual George W. Wait .Memorial
AwartI competition* George Wait was the biggest promoter
of bo(jk publishing in our Society’s early histonT The award
ill Wait's honor, up to S500 in monetarv grants to further
research of book-lengdi jirojects, is ]xiiticularh fitting.

in recent j^ast these awards have gone for stellar projects,
which have resulted in outstanding books for SP*MC memliers
and the world at large. Winners names are listed in the afore-
mentioned announcement. Twice, however, including last
year, NO ONE bothered to submit an entiy. Nad a. Nil.
Zip* 1 know* Fm the judge of the competidon* .My mail box
weeped for disuse.

With the breadth of SPMC authors, and all the book
publishing going on today, it taxes my feeble mental capacity'
to understand how this could be* The Societ)^ is incorporated
'^exclusively for educational purposes, and in lur them nee of
such purposes m promote, stimulate, and advance the study of
paper money and other financial documents in all their
branches along educational, historical and scientific lines.”

Supporting legitimate research efforts such as book pro-
jects is a good way to accomplish this purpose* But when the
award goes begging, the Society's mission goes unfulfilled*
\v{)rtliy projects go unfunded, anti outstanding literature may
Fail to materialize to inform and entertain the membership.

Five hundred bucks may not be worth bothering for some
well- heeled writei’S. With few strings attached, S500 will buy
a research trip to a major research lihrany archive, museum or
private collection. The author's research/hook will benefit
from such an outing, and readers will be blessed by the result*
In the past I’ve personally receiv'ed research grants from
Ijoth the ANA and SPAIC, although never the Wait Awaicl as
that would be a serious conflict of interests. From my e.xperi-
cnce, my trips on these funds have greatly aided my work,
have substantially bettered my understanding and writing, and
have ntided to my own hooks in major ways.

If you are working on a liook in one of the field*s covered
by the W^iit Award, you should actively consider how this
SPA1C benefit could assist you, too! This clock is ticking. *1*

Paper Money • November/December * Whole No. 258

479

Buying & Selling

Quality Collector Currency

1 * Colonial & Continental Currency

• Fractional Currency
• Confederate & Southern States
Currency * Confederate Bonds
* Large Size & Small Size Currency

Always BUYING All of the Above

Call or Ship for Best Offer

Free Pricelist Available Upon Request

James Polis

4501 Connecticut Avenue NW Suite 306
Washington, DC 20008
(202) 363*6650

Fax: (202)363-4712

E-mail: Jpolis7935@aoixom

1 Member: SPMC, FCCB, ANA

Are you planning a show?

Would vou like to have free copies
of Paper Money magazine
to distribute to attendees?

Contact Bob Cochran

1917 Driftwood Trails Drive

Florissant, MO 63031

NATIONALS FOR SALE

Clinton, Thompson, Lafayette,

Madison, Marion, Newton,

Solomon, Lowell, Jackson,

Beatrice, Franklin, Kent,

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Butler, Chester, Howard,

Siegfried, Austin, Victoria, many others

JOE APELMAN ANA SPMC

P.O.BOX 283

COVINGTON LA 70433

986’S92-0123 japelman@yahoo.com

WANTED

HARRY

FOR HIGGINS MUSEUM LIBRARY

Volumes 1, 2, and 3 of PAPER MONEY

IS BUYING

The first 1 2 issues. Larry Adams^ Curator, Higgins Museum

& Library, PO Box 258, Okoboji, Iowa 51355

NATIONALS —

712-332-5859 or 515-4324931

email: ladams^opencomi nc.com

LARGE AND SMALL

UNCUT SHEETS

TYPE NOTES

UNUSUAL SERIAL NUMBERS

DO YOU COLLECT FISCAL PAPER?

OBSOLETES

Wrile about your speciatly for P^pei Money

ERRORS

Arbcfes on checks, bonds, stocks

Alw ays wanted

HARRY E. JONES

Our SPMC Journal exists to lullll! our mandate

firrnTTT}

>] F. .M n t: It

to promote educalion in all these fiscal paper areas

7379 Pearl Rd. #1

^ A- V A j

So spread your knowledge arounrl to our members

Cleveland, Ohio 44130-4808 ,

1-440-234-3330

480

November/December * Whole No. 258 • Paper Money

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Director of Auctions
Ext IMS
JlmF;^>HA.com

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